-------------------------------------------------------------------------
      name:  <unnamed>
       log:  /Users/myramohnen/Dropbox/EventStudy_Paris/JAERE/Conditional
> Accept/RESULTS/3_results.log
  log type:  text
 opened on:  28 Jul 2023, 13:30:29

. 
. /*=====================================================================
> =========*/
. /* Figure 1. S&P500Futures trading volumes */
. /*=====================================================================
> =========*/
. 
. clear

. import excel "${raw}SP_Futures_Emini.xlsm", sheet("Sheet2") cellrange(A
> 4:HM5) firstrow allstring clear

. 
. rename (E-HM) var`i'#, addnumber(1)

. 
. foreach v of var (var1-var217) {
  2.     local lbl : var label `v'
  3.     local lbl = strtoname("`lbl'")
  4.     rename `v' `v'`lbl'
  5. }

. destring (var1__5_1_2015-var217_2_29_2016), replace force
var1__5_1_2015: all characters numeric; replaced as long
var2__5_4_2015: all characters numeric; replaced as long
var3__5_5_2015: all characters numeric; replaced as long
var4__5_6_2015: all characters numeric; replaced as long
var5__5_7_2015: all characters numeric; replaced as long
var6__5_8_2015: all characters numeric; replaced as long
var7_5_11_2015: all characters numeric; replaced as long
var8_5_12_2015: all characters numeric; replaced as long
var9_5_13_2015: all characters numeric; replaced as long
var10_5_14_2015: all characters numeric; replaced as long
var11_5_15_2015: all characters numeric; replaced as long
var12_5_18_2015: all characters numeric; replaced as long
var13_5_19_2015: all characters numeric; replaced as long
var14_5_20_2015: all characters numeric; replaced as long
var15_5_21_2015: all characters numeric; replaced as long
var16_5_22_2015: all characters numeric; replaced as long
var17_5_25_2015: all characters numeric; replaced as byte
(1 missing value generated)
var18_5_26_2015: all characters numeric; replaced as long
var19_5_27_2015: all characters numeric; replaced as long
var20_5_28_2015: all characters numeric; replaced as long
var21_5_29_2015: all characters numeric; replaced as long
var22__6_1_2015: all characters numeric; replaced as long
var23__6_2_2015: all characters numeric; replaced as long
var24__6_3_2015: all characters numeric; replaced as long
var25__6_4_2015: all characters numeric; replaced as long
var26__6_5_2015: all characters numeric; replaced as long
var27__6_8_2015: all characters numeric; replaced as long
var28__6_9_2015: all characters numeric; replaced as long
var29_6_10_2015: all characters numeric; replaced as long
var30_6_11_2015: all characters numeric; replaced as long
var31_6_12_2015: all characters numeric; replaced as long
var32_6_15_2015: all characters numeric; replaced as long
var33_6_16_2015: all characters numeric; replaced as long
var34_6_17_2015: all characters numeric; replaced as long
var35_6_18_2015: all characters numeric; replaced as long
var36_6_19_2015: all characters numeric; replaced as long
var37_6_22_2015: all characters numeric; replaced as long
var38_6_23_2015: all characters numeric; replaced as long
var39_6_24_2015: all characters numeric; replaced as long
var40_6_25_2015: all characters numeric; replaced as long
var41_6_26_2015: all characters numeric; replaced as long
var42_6_29_2015: all characters numeric; replaced as long
var43_6_30_2015: all characters numeric; replaced as long
var44__7_1_2015: all characters numeric; replaced as long
var45__7_2_2015: all characters numeric; replaced as long
var46__7_3_2015: all characters numeric; replaced as byte
(1 missing value generated)
var47__7_6_2015: all characters numeric; replaced as long
var48__7_7_2015: all characters numeric; replaced as long
var49__7_8_2015: all characters numeric; replaced as long
var50__7_9_2015: all characters numeric; replaced as long
var51_7_10_2015: all characters numeric; replaced as long
var52_7_13_2015: all characters numeric; replaced as long
var53_7_14_2015: all characters numeric; replaced as long
var54_7_15_2015: all characters numeric; replaced as long
var55_7_16_2015: all characters numeric; replaced as long
var56_7_17_2015: all characters numeric; replaced as long
var57_7_20_2015: all characters numeric; replaced as long
var58_7_21_2015: all characters numeric; replaced as long
var59_7_22_2015: all characters numeric; replaced as long
var60_7_23_2015: all characters numeric; replaced as long
var61_7_24_2015: all characters numeric; replaced as long
var62_7_27_2015: all characters numeric; replaced as long
var63_7_28_2015: all characters numeric; replaced as long
var64_7_29_2015: all characters numeric; replaced as long
var65_7_30_2015: all characters numeric; replaced as long
var66_7_31_2015: all characters numeric; replaced as long
var67__8_3_2015: all characters numeric; replaced as long
var68__8_4_2015: all characters numeric; replaced as long
var69__8_5_2015: all characters numeric; replaced as long
var70__8_6_2015: all characters numeric; replaced as long
var71__8_7_2015: all characters numeric; replaced as long
var72_8_10_2015: all characters numeric; replaced as long
var73_8_11_2015: all characters numeric; replaced as long
var74_8_12_2015: all characters numeric; replaced as long
var75_8_13_2015: all characters numeric; replaced as long
var76_8_14_2015: all characters numeric; replaced as long
var77_8_17_2015: all characters numeric; replaced as long
var78_8_18_2015: all characters numeric; replaced as long
var79_8_19_2015: all characters numeric; replaced as long
var80_8_20_2015: all characters numeric; replaced as long
var81_8_21_2015: all characters numeric; replaced as long
var82_8_24_2015: all characters numeric; replaced as long
var83_8_25_2015: all characters numeric; replaced as long
var84_8_26_2015: all characters numeric; replaced as long
var85_8_27_2015: all characters numeric; replaced as long
var86_8_28_2015: all characters numeric; replaced as long
var87_8_31_2015: all characters numeric; replaced as long
var88__9_1_2015: all characters numeric; replaced as long
var89__9_2_2015: all characters numeric; replaced as long
var90__9_3_2015: all characters numeric; replaced as long
var91__9_4_2015: all characters numeric; replaced as long
var92__9_7_2015: all characters numeric; replaced as byte
(1 missing value generated)
var93__9_8_2015: all characters numeric; replaced as long
var94__9_9_2015: all characters numeric; replaced as long
var95_9_10_2015: all characters numeric; replaced as long
var96_9_11_2015: all characters numeric; replaced as long
var97_9_14_2015: all characters numeric; replaced as long
var98_9_15_2015: all characters numeric; replaced as long
var99_9_16_2015: all characters numeric; replaced as long
var100_9_17_2015: all characters numeric; replaced as long
var101_9_18_2015: all characters numeric; replaced as long
var102_9_21_2015: all characters numeric; replaced as long
var103_9_22_2015: all characters numeric; replaced as long
var104_9_23_2015: all characters numeric; replaced as long
var105_9_24_2015: all characters numeric; replaced as long
var106_9_25_2015: all characters numeric; replaced as long
var107_9_28_2015: all characters numeric; replaced as long
var108_9_29_2015: all characters numeric; replaced as long
var109_9_30_2015: all characters numeric; replaced as long
var110_10_1_2015: all characters numeric; replaced as long
var111_10_2_2015: all characters numeric; replaced as long
var112_10_5_2015: all characters numeric; replaced as long
var113_10_6_2015: all characters numeric; replaced as long
var114_10_7_2015: all characters numeric; replaced as long
var115_10_8_2015: all characters numeric; replaced as long
var116_10_9_2015: all characters numeric; replaced as long
var117_10_12_2015: all characters numeric; replaced as long
var118_10_13_2015: all characters numeric; replaced as long
var119_10_14_2015: all characters numeric; replaced as long
var120_10_15_2015: all characters numeric; replaced as long
var121_10_16_2015: all characters numeric; replaced as long
var122_10_19_2015: all characters numeric; replaced as long
var123_10_20_2015: all characters numeric; replaced as long
var124_10_21_2015: all characters numeric; replaced as long
var125_10_22_2015: all characters numeric; replaced as long
var126_10_23_2015: all characters numeric; replaced as long
var127_10_26_2015: all characters numeric; replaced as long
var128_10_27_2015: all characters numeric; replaced as long
var129_10_28_2015: all characters numeric; replaced as long
var130_10_29_2015: all characters numeric; replaced as long
var131_10_30_2015: all characters numeric; replaced as long
var132_11_2_2015: all characters numeric; replaced as long
var133_11_3_2015: all characters numeric; replaced as long
var134_11_4_2015: all characters numeric; replaced as long
var135_11_5_2015: all characters numeric; replaced as long
var136_11_6_2015: all characters numeric; replaced as long
var137_11_9_2015: all characters numeric; replaced as long
var138_11_10_2015: all characters numeric; replaced as long
var139_11_11_2015: all characters numeric; replaced as long
var140_11_12_2015: all characters numeric; replaced as long
var141_11_13_2015: all characters numeric; replaced as long
var142_11_16_2015: all characters numeric; replaced as long
var143_11_17_2015: all characters numeric; replaced as long
var144_11_18_2015: all characters numeric; replaced as long
var145_11_19_2015: all characters numeric; replaced as long
var146_11_20_2015: all characters numeric; replaced as long
var147_11_23_2015: all characters numeric; replaced as long
var148_11_24_2015: all characters numeric; replaced as long
var149_11_25_2015: all characters numeric; replaced as long
var150_11_26_2015: all characters numeric; replaced as byte
(1 missing value generated)
var151_11_27_2015: all characters numeric; replaced as long
var152_11_30_2015: all characters numeric; replaced as long
var153_12_1_2015: all characters numeric; replaced as long
var154_12_2_2015: all characters numeric; replaced as long
var155_12_3_2015: all characters numeric; replaced as long
var156_12_4_2015: all characters numeric; replaced as long
var157_12_7_2015: all characters numeric; replaced as long
var158_12_8_2015: all characters numeric; replaced as long
var159_12_9_2015: all characters numeric; replaced as long
var160_12_10_2015: all characters numeric; replaced as long
var161_12_11_2015: all characters numeric; replaced as long
var162_12_14_2015: all characters numeric; replaced as long
var163_12_15_2015: all characters numeric; replaced as long
var164_12_16_2015: all characters numeric; replaced as long
var165_12_17_2015: all characters numeric; replaced as long
var166_12_18_2015: all characters numeric; replaced as long
var167_12_21_2015: all characters numeric; replaced as long
var168_12_22_2015: all characters numeric; replaced as long
var169_12_23_2015: all characters numeric; replaced as long
var170_12_24_2015: all characters numeric; replaced as long
var171_12_25_2015: all characters numeric; replaced as byte
(1 missing value generated)
var172_12_28_2015: all characters numeric; replaced as long
var173_12_29_2015: all characters numeric; replaced as long
var174_12_30_2015: all characters numeric; replaced as long
var175_12_31_2015: all characters numeric; replaced as long
var176__1_1_2016: all characters numeric; replaced as byte
(1 missing value generated)
var177__1_4_2016: all characters numeric; replaced as long
var178__1_5_2016: all characters numeric; replaced as long
var179__1_6_2016: all characters numeric; replaced as long
var180__1_7_2016: all characters numeric; replaced as long
var181__1_8_2016: all characters numeric; replaced as long
var182_1_11_2016: all characters numeric; replaced as long
var183_1_12_2016: all characters numeric; replaced as long
var184_1_13_2016: all characters numeric; replaced as long
var185_1_14_2016: all characters numeric; replaced as long
var186_1_15_2016: all characters numeric; replaced as long
var187_1_18_2016: all characters numeric; replaced as byte
(1 missing value generated)
var188_1_19_2016: all characters numeric; replaced as long
var189_1_20_2016: all characters numeric; replaced as long
var190_1_21_2016: all characters numeric; replaced as long
var191_1_22_2016: all characters numeric; replaced as long
var192_1_25_2016: all characters numeric; replaced as long
var193_1_26_2016: all characters numeric; replaced as long
var194_1_27_2016: all characters numeric; replaced as long
var195_1_28_2016: all characters numeric; replaced as long
var196_1_29_2016: all characters numeric; replaced as long
var197__2_1_2016: all characters numeric; replaced as long
var198__2_2_2016: all characters numeric; replaced as long
var199__2_3_2016: all characters numeric; replaced as long
var200__2_4_2016: all characters numeric; replaced as long
var201__2_5_2016: all characters numeric; replaced as long
var202__2_8_2016: all characters numeric; replaced as long
var203__2_9_2016: all characters numeric; replaced as long
var204_2_10_2016: all characters numeric; replaced as long
var205_2_11_2016: all characters numeric; replaced as long
var206_2_12_2016: all characters numeric; replaced as long
var207_2_15_2016: all characters numeric; replaced as byte
(1 missing value generated)
var208_2_16_2016: all characters numeric; replaced as long
var209_2_17_2016: all characters numeric; replaced as long
var210_2_18_2016: all characters numeric; replaced as long
var211_2_19_2016: all characters numeric; replaced as long
var212_2_22_2016: all characters numeric; replaced as long
var213_2_23_2016: all characters numeric; replaced as long
var214_2_24_2016: all characters numeric; replaced as long
var215_2_25_2016: all characters numeric; replaced as long
var216_2_26_2016: all characters numeric; replaced as long
var217_2_29_2016: all characters numeric; replaced as long

. 
. reshape long var`i', i(Name) j(fyr, string)
(note: j = 100_9_17_2015 101_9_18_2015 102_9_21_2015 103_9_22_2015 104_9_
> 23_2015 105_9_24_2015 106_9_25_2015 107_9_28_2015 108_9_29_2015 109_9_3
> 0_2015 10_5_14_2015 110_10_1_2015 111_10_2_2015 112_10_5_2015 113_10_6_
> 2015 114_10_7_2015 115_10_8_2015 116_10_9_2015 117_10_12_2015 118_10_13
> _2015 119_10_14_2015 11_5_15_2015 120_10_15_2015 121_10_16_2015 122_10_
> 19_2015 123_10_20_2015 124_10_21_2015 125_10_22_2015 126_10_23_2015 127
> _10_26_2015 128_10_27_2015 129_10_28_2015 12_5_18_2015 130_10_29_2015 1
> 31_10_30_2015 132_11_2_2015 133_11_3_2015 134_11_4_2015 135_11_5_2015 1
> 36_11_6_2015 137_11_9_2015 138_11_10_2015 139_11_11_2015 13_5_19_2015 1
> 40_11_12_2015 141_11_13_2015 142_11_16_2015 143_11_17_2015 144_11_18_20
> 15 145_11_19_2015 146_11_20_2015 147_11_23_2015 148_11_24_2015 149_11_2
> 5_2015 14_5_20_2015 150_11_26_2015 151_11_27_2015 152_11_30_2015 153_12
> _1_2015 154_12_2_2015 155_12_3_2015 156_12_4_2015 157_12_7_2015 158_12_
> 8_2015 159_12_9_2015 15_5_21_2015 160_12_10_2015 161_12_11_2015 162_12_
> 14_2015 163_12_15_2015 164_12_16_2015 165_12_17_2015 166_12_18_2015 167
> _12_21_2015 168_12_22_2015 169_12_23_2015 16_5_22_2015 170_12_24_2015 1
> 71_12_25_2015 172_12_28_2015 173_12_29_2015 174_12_30_2015 175_12_31_20
> 15 176__1_1_2016 177__1_4_2016 178__1_5_2016 179__1_6_2016 17_5_25_2015
>  180__1_7_2016 181__1_8_2016 182_1_11_2016 183_1_12_2016 184_1_13_2016 
> 185_1_14_2016 186_1_15_2016 187_1_18_2016 188_1_19_2016 189_1_20_2016 1
> 8_5_26_2015 190_1_21_2016 191_1_22_2016 192_1_25_2016 193_1_26_2016 194
> _1_27_2016 195_1_28_2016 196_1_29_2016 197__2_1_2016 198__2_2_2016 199_
> _2_3_2016 19_5_27_2015 1__5_1_2015 200__2_4_2016 201__2_5_2016 202__2_8
> _2016 203__2_9_2016 204_2_10_2016 205_2_11_2016 206_2_12_2016 207_2_15_
> 2016 208_2_16_2016 209_2_17_2016 20_5_28_2015 210_2_18_2016 211_2_19_20
> 16 212_2_22_2016 213_2_23_2016 214_2_24_2016 215_2_25_2016 216_2_26_201
> 6 217_2_29_2016 21_5_29_2015 22__6_1_2015 23__6_2_2015 24__6_3_2015 25_
> _6_4_2015 26__6_5_2015 27__6_8_2015 28__6_9_2015 29_6_10_2015 2__5_4_20
> 15 30_6_11_2015 31_6_12_2015 32_6_15_2015 33_6_16_2015 34_6_17_2015 35_
> 6_18_2015 36_6_19_2015 37_6_22_2015 38_6_23_2015 39_6_24_2015 3__5_5_20
> 15 40_6_25_2015 41_6_26_2015 42_6_29_2015 43_6_30_2015 44__7_1_2015 45_
> _7_2_2015 46__7_3_2015 47__7_6_2015 48__7_7_2015 49__7_8_2015 4__5_6_20
> 15 50__7_9_2015 51_7_10_2015 52_7_13_2015 53_7_14_2015 54_7_15_2015 55_
> 7_16_2015 56_7_17_2015 57_7_20_2015 58_7_21_2015 59_7_22_2015 5__5_7_20
> 15 60_7_23_2015 61_7_24_2015 62_7_27_2015 63_7_28_2015 64_7_29_2015 65_
> 7_30_2015 66_7_31_2015 67__8_3_2015 68__8_4_2015 69__8_5_2015 6__5_8_20
> 15 70__8_6_2015 71__8_7_2015 72_8_10_2015 73_8_11_2015 74_8_12_2015 75_
> 8_13_2015 76_8_14_2015 77_8_17_2015 78_8_18_2015 79_8_19_2015 7_5_11_20
> 15 80_8_20_2015 81_8_21_2015 82_8_24_2015 83_8_25_2015 84_8_26_2015 85_
> 8_27_2015 86_8_28_2015 87_8_31_2015 88__9_1_2015 89__9_2_2015 8_5_12_20
> 15 90__9_3_2015 91__9_4_2015 92__9_7_2015 93__9_8_2015 94__9_9_2015 95_
> 9_10_2015 96_9_11_2015 97_9_14_2015 98_9_15_2015 99_9_16_2015 9_5_13_20
> 15)

Data                               wide   ->   long
-------------------------------------------------------------------------
> ----
Number of obs.                        1   ->     217
Number of variables                 221   ->       6
j variable (217 values)                   ->   fyr
xij variables:
var100_9_17_2015 var101_9_18_2015 ... var9_5_13_2015->var
-------------------------------------------------------------------------
> ----

. 
. gen TradingDay = regexs(1) if regexm(fyr, "^([0-9]+)_")

. 
. destring TradingDay, replace
TradingDay: all characters numeric; replaced as int

. 
. gen DateOld = regexs(2) if regexm(fyr, "^([0-9]+)[_]+([0-9]+[_][0-9]+[_
> ][0-9]+)")

. 
. generate Date = date(Date, "MDY")

. format %td Date

. 
. sort TradingDay

. replace var = var/1000
variable var was long now double
(209 real changes made)

. 
. twoway line var Date, lcolor(black) graphregion(color(white)) ///
> ytitle("Volume traded (in thds)") xtitle("") ///
> xlabel(20209 "1 May 2015" 20302 "1 Aug 2015" 20393 "1 Nov 2015" 20485 "
> 1 Feb 2016") ///
> text(5000 20302 "Flash Crash" 3990 20400 "Paris Agreement") ///
> text(4750 20302 "24 Aug. 2015" 3700 20400 "14 Dec. 2015")

. 
. graph export "${result}Fig1.pdf", replace
(file /Users/myramohnen/Dropbox/EventStudy_Paris/JAERE/ConditionalAccept/
> RESULTS/Fig1.pdf written in PDF format)

. 
. /*=====================================================================
> =========*/
. /* Figure 3. Abnormal returns for top 30% green firms (GR 97-100%) */
. // rolling 3-day CAARs of the top 30% of green firms with 95% Corrado-C
> owan confidence intervals 
. // Monday Dec 14 is event day 0 
. // Estimation window is the 100 days prior to the pre-negotiation perio
> d
. /*=====================================================================
> =========*/
. 
. // Pre-negotiation period estimates
. 
. use "List_US_MinGR_top8Xtile.dta", clear

. 
. quietly eventstudy3 ISIN Date using Returns_US_MinGR_top8Xtile, returns
> (Return_Unadj) /// 
> mod(FM) /// Fama French model 
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) /// factors
> riskfreerate(RFNum) /// risk free 
> evwlb(-20) /// event window lower bound
> evwub(10) /// event window upper bound 
> eswlb(-121) /// estimation window lower bound 
> eswub(-21) /// estimation window upper bound 
> logreturns /// log returns
> car1LB(-12) car1UB(-10) /// CAR window 1 bounds
> car2LB(-13) car2UB(-11) /// CAR window 2 bounds
> car3LB(-14) car3UB(-12) /// CAR window 3 bounds
> car4LB(-15) car4UB(-13) /// CAR window 4 bounds
> car5LB(-16) car5UB(-14) /// CAR window 5 bounds
> car6LB(-17) car6UB(-15) /// CAR window 6 bounds
> car7LB(-18) car7UB(-16) /// CAR window 7 bounds
> car8LB(-19) car8UB(-17) /// CAR window 8 bounds
> car9LB(-20) car9UB(-18) /// CAR window 9 bounds
> garch archoption(1) garchoption(1) /// ARCH option GARCH option
> diagnosticsfile(Diag_Pre_MinGR_top8Xtile) /// output diagnostic 
> carfile(Car_Diag_Pre_MinGR_top8Xtile) /// output cumulative average abn
> ormal return file
> aarfile(AAR) ///
> replace 
Warning: Some CAR window definitions (options carXLB and carXUB) have bee
> n changed because they were outside the event window.
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.

. 
. // Negotiation period estimates
. 
. use "List_US_MinGR_top8Xtile.dta", clear

. 
. quietly eventstudy3 ISIN Date using Returns_US_MinGR_top8Xtile, returns
> (Return_Unadj) /// 
> mod(FM) ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> evwlb(-20) evwub(10) ///
> eswlb(-121) eswub(-21) ///
> logreturns ///
> car1LB(-2) car1UB(0) ///
> car2LB(-3) car2UB(-1) ///
> car3LB(-4) car3UB(-2) ///
> car4LB(-5) car4UB(-3) ///
> car5LB(-6) car5UB(-4) ///
> car6LB(-7) car6UB(-5) ///
> car7LB(-8) car7UB(-6) ///
> car8LB(-9) car8UB(-7) ///
> car9LB(-10) car9UB(-8) ///
> car10LB(-11) car10UB(-9) ///
> garch archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Neg_MinGR_top8Xtile) ///
> carfile(Car_Diag_Neg_MinGR_top8Xtile) ///
> aarfile(AAR_neg) ///
> replace 
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.

.  
. // Post-negotiation period estimates
. 
. use "List_US_MinGR_top8Xtile.dta", clear

. 
. quietly eventstudy3 ISIN Date using Returns_US_MinGR_top8Xtile, returns
> (Return_Unadj) /// 
> mod(FM) ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> evwlb(-20)  evwub(10) ///
> eswlb(-121) eswub(-21) ///
> logreturns ///
> car1LB(-1) car1UB(1) ///
> car2LB(0) car2UB(2) ///
> car3LB(1) car3UB(3) ///
> car4LB(2) car4UB(4) ///
> car5LB(3) car5UB(5) ///
> car6LB(4) car6UB(6) ///
> car7LB(5) car7UB(7) ///
> car8LB(6) car8UB(8) ///
> car9LB(7) car9UB(9) ///
> car10LB(8) car10UB(10) ///
> garch archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Post_MinGR_top8Xtile) ///
> carfile(Car_Diag_Post_MinGR_top8Xtile) ///
> aarfile(AAR_post) ///
> replace 
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.

. 
. // Gather info for CAAR 
.  
. use "Car_Diag_Pre_MinGR_top8Xtile.dta", clear // This is the data for t
> he pre-negotiation period

. 
. drop if _n==10
(1 observation deleted)

. mmerge t using "Car_Diag_Neg_MinGR_top8Xtile", type(1:1) missing(nomatc
> h) // This is the data for the negotiation period 

-------------------------------------------------------------------------
> ------
merge specs          |
       matching type | 1:1
  mv's on match vars | nomatch
  unmatched obs from | both
---------------------+---------------------------------------------------
> ------
  master        file | Car_Diag_Pre_MinGR_top8Xtile.dta
                 obs |      9
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
  using         file | Car_Diag_Neg_MinGR_top8Xtile.dta
                 obs |     10
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
         common vars | NoFirms CAARE NCAAREt_test PCAAREt_test NCAARECDA
                     | PCAARECDA NCAAREPatell PCAAREPatell NCAAREPatellAD
> J
                     | PCAAREPatellADJ NCAAREBoehmer PCAAREBoehmer NCAARE
> Kolari
                     | PCAAREKolari NCAARECorrado_Cowan PCAARECorrado_Cow
> an
                     | NCAAREZivney_Cowan PCAAREZivney_Cowan NCAAREGenSig
> n
                     | PCAAREGenSign NCAAREGRANKT PCAAREGRANKT NCAAREWilc
> ox
                     | PCAAREWilcox
---------------------+---------------------------------------------------
> ------
result          file | Car_Diag_Pre_MinGR_top8Xtile.dta
                 obs |     19
                vars |     27  (including _merge)
         ------------+---------------------------------------------------
> ------
              _merge |      9  obs only in master data                (co
> de==1)
                     |     10  obs only in using data                 (co
> de==2)
-------------------------------------------------------------------------
> ------

. mmerge t using "Car_Diag_Post_MinGR_top8Xtile", type(1:1) missing(nomat
> ch) // This is the data for the post - negotiation period 

-------------------------------------------------------------------------
> ------
merge specs          |
       matching type | 1:1
  mv's on match vars | nomatch
  unmatched obs from | both
---------------------+---------------------------------------------------
> ------
  master        file | Car_Diag_Pre_MinGR_top8Xtile.dta
                 obs |     19
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
  using         file | Car_Diag_Post_MinGR_top8Xtile.dta
                 obs |     10
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
         common vars | NoFirms CAARE NCAAREt_test PCAAREt_test NCAARECDA
                     | PCAARECDA NCAAREPatell PCAAREPatell NCAAREPatellAD
> J
                     | PCAAREPatellADJ NCAAREBoehmer PCAAREBoehmer NCAARE
> Kolari
                     | PCAAREKolari NCAARECorrado_Cowan PCAARECorrado_Cow
> an
                     | NCAAREZivney_Cowan PCAAREZivney_Cowan NCAAREGenSig
> n
                     | PCAAREGenSign NCAAREGRANKT PCAAREGRANKT NCAAREWilc
> ox
                     | PCAAREWilcox
---------------------+---------------------------------------------------
> ------
result          file | Car_Diag_Pre_MinGR_top8Xtile.dta
                 obs |     29
                vars |     27  (including _merge)
         ------------+---------------------------------------------------
> ------
              _merge |     19  obs only in master data                (co
> de==1)
                     |     10  obs only in using data                 (co
> de==2)
-------------------------------------------------------------------------
> ------

. 
. gen tNum = ""
(29 missing values generated)

. replace tNum = usubstr(t, 1, ustrpos(t, ";") - 1)
variable tNum was str1 now str4
(29 real changes made)

. replace tNum = subinstr(tNum, "[", "",.) 
(29 real changes made)

. destring tNum, replace
tNum: all characters numeric; replaced as byte

. replace tNum = tNum+1
(29 real changes made)

. 
. order tNum, after(t)

. 
. replace CAARE = CAARE * 100
(29 real changes made)

. 
. // Corrado-Cowan CIs
. gen CILB = CAARE - 1.96*(abs(CAARE/NCAARECorrado_Cowan))

. gen CIUB = CAARE + 1.96*(abs(CAARE/NCAARECorrado_Cowan))

. 
. replace CILB = -10 if CILB<-10
(1 real change made)

. replace CIUB = 20 if CIUB>20
(0 real changes made)

. 
. sort tNum

. twoway line CAARE tNum, lcolor(red) lwidth(medthick) ///
> yscale(range(-10(5)20)) ylabel(-10(5)20) ///
> xlabel(-20(2)10) ///
> graphregion(color(white)) ///
> xtitle("Trading day to/from Monday 14/12/2015") ytitle("CAAR (in %)") /
> //
> legend(off) ///
> xline(-10, lcolor(black)) xline(0, lcolor(black)) ///
> yline(0, lcolor(black)) ///
> text(18 -15 "Pre-negotiation") ///
> text(18 -6 "Negotiation") ///
> text(18 4 "Post-negotiation") ///
> || rcap CILB CIUB tNum, lcolor(blue) 

. 
. graph export "${result}Fig3.pdf", replace
(file /Users/myramohnen/Dropbox/EventStudy_Paris/JAERE/ConditionalAccept/
> RESULTS/Fig3.pdf written in PDF format)

. 
. /*=====================================================================
> =========*/
. /* Figure 4. Abnormal returns for portfolios consisting of firms with d
> ifferent green revenue intensity */
. // panel a. Event path for firms with only green revenue (GR=100%)
. /*=====================================================================
> =========*/
. 
. use "List_US_MinGR_eq1.dta", clear

. 
. eventstudy3 ISIN Date using Returns_US_MinGR_eq1, returns(Return_Unadj)
>  /// 
> car1LB(-1) car1UB(1) car2LB(0) car2UB(2) car3LB(1) car3UB(3) car4LB(2) 
> car4UB(4) car5LB(3) car5UB(5) ///
> car6LB(4) car6UB(6) car7LB(5) car7UB(7) car8LB(6) car8UB(8) car9LB(7) c
> ar9UB(9) car10LB(8) car10UB(10) ///
> evwlb(-20)  evwub(10) eswlb(-121) eswub(-21) mod(FM) logreturns ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> garch archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Post_MinGR_eq1) carfile(Car_Diag_Post_MinGR_eq1) /
> //
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 51 events completed.
2 out of 51 events completed.
3 out of 51 events completed.
4 out of 51 events completed.
5 out of 51 events completed.
6 out of 51 events completed.
7 out of 51 events completed.
8 out of 51 events completed.
9 out of 51 events completed.
10 out of 51 events completed.
11 out of 51 events completed.
12 out of 51 events completed.
13 out of 51 events completed.
14 out of 51 events completed.
15 out of 51 events completed.
16 out of 51 events completed.
17 out of 51 events completed.
18 out of 51 events completed.
19 out of 51 events completed.
20 out of 51 events completed.
21 out of 51 events completed.
22 out of 51 events completed.
23 out of 51 events completed.
24 out of 51 events completed.
25 out of 51 events completed.
26 out of 51 events completed.
27 out of 51 events completed.
28 out of 51 events completed.
29 out of 51 events completed.
30 out of 51 events completed.
31 out of 51 events completed.
32 out of 51 events completed.
33 out of 51 events completed.
34 out of 51 events completed.
35 out of 51 events completed.
36 out of 51 events completed.
37 out of 51 events completed.
38 out of 51 events completed.
39 out of 51 events completed.
40 out of 51 events completed.
41 out of 51 events completed.
42 out of 51 events completed.
43 out of 51 events completed.
44 out of 51 events completed.
45 out of 51 events completed.
46 out of 51 events completed.
47 out of 51 events completed.
48 out of 51 events completed.
49 out of 51 events completed.
50 out of 51 events completed.
51 out of 51 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded


Number of events in the event file: 51
-- thereof: Number of events for which security identifiers and event dat
> es are available: 51
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 51
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 51

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market index/factor return data: 0

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market/index factor return data: 0
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 0


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20        51    .0109521                                            
>                                                    
    -19        51   -.0000329                                            
>                                                    
    -18        51   -.0273714      ***    **      ***         ***       *
> **       **        **        *         *      ***  
    -17        51   -.0068784                                            
>                                                    
    -16        51    -.000301                                            
>                                                    
    -15        51   -.0011794                                            
>                                                    
    -14        51    .0061375                                            
>                                        *           
    -13        51   -.0028361                                            
>                                                    
    -12        51   -.0071297                                            
>                                                    
    -11        51    .0025862                                            
>                                                    
    -10        51    .0068402                       *                    
>  *                                                 
     -9        51    .0198658       **     *       **                    
> **                                    **      ***  
     -8        51     .010298                      **                    
> **                                                 
     -7        51    .0060761                                            
>                                                 *  
     -6        51   -.0093535                       *                    
> **                                             **  
     -5        51    .0017606                                            
>                                                    
     -4        51     .002343                                            
>                                                    
     -3        51    .0179887        *     *      ***           *        
> **                                    **       **  
     -2        51    .0022042                                            
>                                                    
     -1        51    .0588608      ***   ***      ***          **        
>                                                 *  
      0        51    .0167641        *            ***          **       *
> **        *        **       **       ***      ***  
      1        51    .0108716                                            
>                                                    
      2        51    .0294045      ***   ***      ***         ***       *
> **       **        **       **       ***      ***  
      3        51    .0178399        *              *                    
>                                       **       **  
      4        51    .0205334       **     *      ***          **       *
> **       **        **       **        **      ***  
      5        51    .0090952                      **                    
> **                                                 
      6        51   -.0192342       **     *        *                    
>  *                           *         *      ***  
      7        51   -.0090525                                            
>                                        *           
      8        51   -.0012556                                            
>                                                    
      9        51    .0033626                                            
>                                                    
     10        51   -.0054523                                            
>                                                    

         t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ   Bo
> ehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   Wilc
> ox  
    [-1;1]        51    .0864965      ***   ***      ***         ***     
>    **                       **              *        **       **      *
> **  
     [0;2]        51    .0570403      ***   ***      ***         ***     
>   ***       **             ***             **        **      ***      *
> **  
     [1;3]        51     .058116      ***   ***      ***         ***     
>   ***       **              **             **       ***       **      *
> **  
     [2;4]        51    .0677779      ***   ***      ***         ***     
>   ***      ***             ***            ***       ***      ***      *
> **  
     [3;5]        51    .0474686      ***    **      ***         ***     
>   ***       **             ***             **       ***      ***      *
> **  
     [4;6]        51    .0103945                     ***         ***     
>   ***       **                                               ***       
>     
     [5;7]        51   -.0191915                                         
>                                                                        
>     
     [6;8]        51   -.0295424       **             **                 
>    **                                                **      ***      *
> **  
     [7;9]        51   -.0069455                                         
>                                                                        
>     
    [8;10]        51   -.0033453                                         
>                                                                        
>     
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  aarfile
Cumulative average abnormal returns:  Car_Diag_Post_MinGR_eq1
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  crossfile
Diagnostic of events that are excluded:  Diag_Post_MinGR_eq1
Logfile:  Diag_Post_MinGR_eq1

. 
. use "List_US_MinGR_eq1.dta", clear

. 
. eventstudy3 ISIN Date using Returns_US_MinGR_eq1, returns(Return_Unadj)
>  /// 
> car1LB(-2) car1UB(0) car2LB(-3) car2UB(-1) car3LB(-4) car3UB(-2) car4LB
> (-5) car4UB(-3) car5LB(-6) car5UB(-4) ///
> car6LB(-7) car6UB(-5) car7LB(-8) car7UB(-6) car8LB(-9) car8UB(-7) car9L
> B(-10) car9UB(-8) car10LB(-11) car10UB(-9)  ///
> evwlb(-20)  evwub(10) eswlb(-121) eswub(-21) mod(FM) logreturns ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> garch archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Negot_MinGR_eq1) carfile(Car_Diag_Negot_MinGR_eq1)
>  ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 51 events completed.
2 out of 51 events completed.
3 out of 51 events completed.
4 out of 51 events completed.
5 out of 51 events completed.
6 out of 51 events completed.
7 out of 51 events completed.
8 out of 51 events completed.
9 out of 51 events completed.
10 out of 51 events completed.
11 out of 51 events completed.
12 out of 51 events completed.
13 out of 51 events completed.
14 out of 51 events completed.
15 out of 51 events completed.
16 out of 51 events completed.
17 out of 51 events completed.
18 out of 51 events completed.
19 out of 51 events completed.
20 out of 51 events completed.
21 out of 51 events completed.
22 out of 51 events completed.
23 out of 51 events completed.
24 out of 51 events completed.
25 out of 51 events completed.
26 out of 51 events completed.
27 out of 51 events completed.
28 out of 51 events completed.
29 out of 51 events completed.
30 out of 51 events completed.
31 out of 51 events completed.
32 out of 51 events completed.
33 out of 51 events completed.
34 out of 51 events completed.
35 out of 51 events completed.
36 out of 51 events completed.
37 out of 51 events completed.
38 out of 51 events completed.
39 out of 51 events completed.
40 out of 51 events completed.
41 out of 51 events completed.
42 out of 51 events completed.
43 out of 51 events completed.
44 out of 51 events completed.
45 out of 51 events completed.
46 out of 51 events completed.
47 out of 51 events completed.
48 out of 51 events completed.
49 out of 51 events completed.
50 out of 51 events completed.
51 out of 51 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded


Number of events in the event file: 51
-- thereof: Number of events for which security identifiers and event dat
> es are available: 51
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 51
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 51

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market index/factor return data: 0

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market/index factor return data: 0
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 0


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20        51    .0109521                                            
>                                                    
    -19        51   -.0000329                                            
>                                                    
    -18        51   -.0273714      ***    **      ***         ***       *
> **       **        **        *         *      ***  
    -17        51   -.0068784                                            
>                                                    
    -16        51    -.000301                                            
>                                                    
    -15        51   -.0011794                                            
>                                                    
    -14        51    .0061375                                            
>                                        *           
    -13        51   -.0028361                                            
>                                                    
    -12        51   -.0071297                                            
>                                                    
    -11        51    .0025862                                            
>                                                    
    -10        51    .0068402                       *                    
>  *                                                 
     -9        51    .0198658       **     *       **                    
> **                                    **      ***  
     -8        51     .010298                      **                    
> **                                                 
     -7        51    .0060761                                            
>                                                 *  
     -6        51   -.0093535                       *                    
> **                                             **  
     -5        51    .0017606                                            
>                                                    
     -4        51     .002343                                            
>                                                    
     -3        51    .0179887        *     *      ***           *        
> **                                    **       **  
     -2        51    .0022042                                            
>                                                    
     -1        51    .0588608      ***   ***      ***          **        
>                                                 *  
      0        51    .0167641        *            ***          **       *
> **        *        **       **       ***      ***  
      1        51    .0108716                                            
>                                                    
      2        51    .0294045      ***   ***      ***         ***       *
> **       **        **       **       ***      ***  
      3        51    .0178399        *              *                    
>                                       **       **  
      4        51    .0205334       **     *      ***          **       *
> **       **        **       **        **      ***  
      5        51    .0090952                      **                    
> **                                                 
      6        51   -.0192342       **     *        *                    
>  *                           *         *      ***  
      7        51   -.0090525                                            
>                                        *           
      8        51   -.0012556                                            
>                                                    
      9        51    .0033626                                            
>                                                    
     10        51   -.0054523                                            
>                                                    

           t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ   
> Boehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   Wi
> lcox  
      [-2;0]        51    .0778291      ***   ***      ***          **   
>       *                        *                      ***       **     
>  ***  
     [-3;-1]        51    .0790536      ***   ***      ***         ***   
>       *                                                **        *     
>   **  
     [-4;-2]        51    .0225358                     ***           *   
>                                                        **              
>   **  
     [-5;-3]        51    .0220922                      **               
>       *                                                **        *     
>   **  
     [-6;-4]        51     -.00525                                       
>                                                                        
>       
     [-7;-5]        51   -.0015169                                       
>                                                                        
>       
     [-8;-6]        51    .0070206                       *               
>                                                                        
>       
     [-9;-7]        51    .0362399       **     *      ***         ***   
>     ***        *              **             **        **       **     
>  ***  
    [-10;-8]        51     .037004      ***     *      ***         ***   
>     ***       **              **             **       ***      ***     
>  ***  
    [-11;-9]        51    .0292922       **            ***          **   
>     ***       **               *              *       ***      ***     
>  ***  
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  aarfile
Cumulative average abnormal returns:  Car_Diag_Negot_MinGR_eq1
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  crossfile
Diagnostic of events that are excluded:  Diag_Negot_MinGR_eq1
Logfile:  Diag_Negot_MinGR_eq1

. 
. use "List_US_MinGR_eq1.dta", clear

. 
. eventstudy3 ISIN Date using Returns_US_MinGR_eq1, returns(Return_Unadj)
>  /// 
> car1LB(-12) car1UB(-10) car2LB(-13) car2UB(-11) car3LB(-14) car3UB(-12)
>  car4LB(-15) car4UB(-13) car5LB(-16) car5UB(-14) ///
> car6LB(-17) car6UB(-15) car7LB(-18) car7UB(-16) car8LB(-19) car8UB(-17)
>  car9LB(-20) car9UB(-18)  ///
> evwlb(-20)  evwub(10) eswlb(-121) eswub(-21) mod(FM) logreturns ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> garch archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Pre_MinGR_eq1) carfile(Car_Diag_Pre_MinGR_eq1) ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 51 events completed.
2 out of 51 events completed.
3 out of 51 events completed.
4 out of 51 events completed.
5 out of 51 events completed.
6 out of 51 events completed.
7 out of 51 events completed.
8 out of 51 events completed.
9 out of 51 events completed.
10 out of 51 events completed.
11 out of 51 events completed.
12 out of 51 events completed.
13 out of 51 events completed.
14 out of 51 events completed.
15 out of 51 events completed.
16 out of 51 events completed.
17 out of 51 events completed.
18 out of 51 events completed.
19 out of 51 events completed.
20 out of 51 events completed.
21 out of 51 events completed.
22 out of 51 events completed.
23 out of 51 events completed.
24 out of 51 events completed.
25 out of 51 events completed.
26 out of 51 events completed.
27 out of 51 events completed.
28 out of 51 events completed.
29 out of 51 events completed.
30 out of 51 events completed.
31 out of 51 events completed.
32 out of 51 events completed.
33 out of 51 events completed.
34 out of 51 events completed.
35 out of 51 events completed.
36 out of 51 events completed.
37 out of 51 events completed.
38 out of 51 events completed.
39 out of 51 events completed.
40 out of 51 events completed.
41 out of 51 events completed.
42 out of 51 events completed.
43 out of 51 events completed.
44 out of 51 events completed.
45 out of 51 events completed.
46 out of 51 events completed.
47 out of 51 events completed.
48 out of 51 events completed.
49 out of 51 events completed.
50 out of 51 events completed.
51 out of 51 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded

Warning: Some CAR window definitions (options carXLB and carXUB) have bee
> n changed because they were outside the event window.

Number of events in the event file: 51
-- thereof: Number of events for which security identifiers and event dat
> es are available: 51
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 51
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 51

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market index/factor return data: 0

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market/index factor return data: 0
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 0


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20        51    .0109521                                            
>                                                    
    -19        51   -.0000329                                            
>                                                    
    -18        51   -.0273714      ***    **      ***         ***       *
> **       **        **        *         *      ***  
    -17        51   -.0068784                                            
>                                                    
    -16        51    -.000301                                            
>                                                    
    -15        51   -.0011794                                            
>                                                    
    -14        51    .0061375                                            
>                                        *           
    -13        51   -.0028361                                            
>                                                    
    -12        51   -.0071297                                            
>                                                    
    -11        51    .0025862                                            
>                                                    
    -10        51    .0068402                       *                    
>  *                                                 
     -9        51    .0198658       **     *       **                    
> **                                    **      ***  
     -8        51     .010298                      **                    
> **                                                 
     -7        51    .0060761                                            
>                                                 *  
     -6        51   -.0093535                       *                    
> **                                             **  
     -5        51    .0017606                                            
>                                                    
     -4        51     .002343                                            
>                                                    
     -3        51    .0179887        *     *      ***           *        
> **                                    **       **  
     -2        51    .0022042                                            
>                                                    
     -1        51    .0588608      ***   ***      ***          **        
>                                                 *  
      0        51    .0167641        *            ***          **       *
> **        *        **       **       ***      ***  
      1        51    .0108716                                            
>                                                    
      2        51    .0294045      ***   ***      ***         ***       *
> **       **        **       **       ***      ***  
      3        51    .0178399        *              *                    
>                                       **       **  
      4        51    .0205334       **     *      ***          **       *
> **       **        **       **        **      ***  
      5        51    .0090952                      **                    
> **                                                 
      6        51   -.0192342       **     *        *                    
>  *                           *         *      ***  
      7        51   -.0090525                                            
>                                        *           
      8        51   -.0012556                                            
>                                                    
      9        51    .0033626                                            
>                                                    
     10        51   -.0054523                                            
>                                                    

            t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ  
>  Boehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   W
> ilcox  
    [-12;-10]        51    .0022967                                      
>                                                                        
>        
    [-13;-11]        51   -.0073796                                      
>                                                                        
>        
    [-14;-12]        51   -.0038283                                      
>                                                                        
>        
    [-15;-13]        51     .002122                                      
>                                                                        
>        
    [-16;-14]        51    .0046572                                      
>                                                                        
>        
    [-17;-15]        51   -.0083587                                      
>                                                                        
>        
    [-18;-16]        51   -.0345507       **     *      ***         ***  
>       **                                                               
>    **  
    [-19;-17]        51   -.0342827       **     *      ***          **  
>       **                                                 *        *    
>   ***  
    [-20;-18]        51   -.0164522                                      
>                                                                        
>        
     [-20;10]        51    .1637077      ***   ***      ***         ***  
>       **                        *              *       ***        *    
>   ***  
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  aarfile
Cumulative average abnormal returns:  Car_Diag_Pre_MinGR_eq1
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  crossfile
Diagnostic of events that are excluded:  Diag_Pre_MinGR_eq1
Logfile:  Diag_Pre_MinGR_eq1

. 
. // Merge dataset 
. 
. use "Car_Diag_Pre_MinGR_eq1.dta", clear

. 
. drop if _n==10
(1 observation deleted)

. 
. mmerge t using "Car_Diag_Negot_MinGR_eq1", type(1:1) missing(nomatch) 

-------------------------------------------------------------------------
> ------
merge specs          |
       matching type | 1:1
  mv's on match vars | nomatch
  unmatched obs from | both
---------------------+---------------------------------------------------
> ------
  master        file | Car_Diag_Pre_MinGR_eq1.dta
                 obs |      9
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
  using         file | Car_Diag_Negot_MinGR_eq1.dta
                 obs |     10
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
         common vars | NoFirms CAARE NCAAREt_test PCAAREt_test NCAARECDA
                     | PCAARECDA NCAAREPatell PCAAREPatell NCAAREPatellAD
> J
                     | PCAAREPatellADJ NCAAREBoehmer PCAAREBoehmer NCAARE
> Kolari
                     | PCAAREKolari NCAARECorrado_Cowan PCAARECorrado_Cow
> an
                     | NCAAREZivney_Cowan PCAAREZivney_Cowan NCAAREGenSig
> n
                     | PCAAREGenSign NCAAREGRANKT PCAAREGRANKT NCAAREWilc
> ox
                     | PCAAREWilcox
---------------------+---------------------------------------------------
> ------
result          file | Car_Diag_Pre_MinGR_eq1.dta
                 obs |     19
                vars |     27  (including _merge)
         ------------+---------------------------------------------------
> ------
              _merge |      9  obs only in master data                (co
> de==1)
                     |     10  obs only in using data                 (co
> de==2)
-------------------------------------------------------------------------
> ------

. mmerge t using "Car_Diag_Post_MinGR_eq1", type(1:1) missing(nomatch)

-------------------------------------------------------------------------
> ------
merge specs          |
       matching type | 1:1
  mv's on match vars | nomatch
  unmatched obs from | both
---------------------+---------------------------------------------------
> ------
  master        file | Car_Diag_Pre_MinGR_eq1.dta
                 obs |     19
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
  using         file | Car_Diag_Post_MinGR_eq1.dta
                 obs |     10
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
         common vars | NoFirms CAARE NCAAREt_test PCAAREt_test NCAARECDA
                     | PCAARECDA NCAAREPatell PCAAREPatell NCAAREPatellAD
> J
                     | PCAAREPatellADJ NCAAREBoehmer PCAAREBoehmer NCAARE
> Kolari
                     | PCAAREKolari NCAARECorrado_Cowan PCAARECorrado_Cow
> an
                     | NCAAREZivney_Cowan PCAAREZivney_Cowan NCAAREGenSig
> n
                     | PCAAREGenSign NCAAREGRANKT PCAAREGRANKT NCAAREWilc
> ox
                     | PCAAREWilcox
---------------------+---------------------------------------------------
> ------
result          file | Car_Diag_Pre_MinGR_eq1.dta
                 obs |     29
                vars |     27  (including _merge)
         ------------+---------------------------------------------------
> ------
              _merge |     19  obs only in master data                (co
> de==1)
                     |     10  obs only in using data                 (co
> de==2)
-------------------------------------------------------------------------
> ------

. 
. gen tNum = ""
(29 missing values generated)

. replace tNum = usubstr(t, 1, ustrpos(t, ";") - 1)
variable tNum was str1 now str4
(29 real changes made)

. replace tNum = subinstr(tNum, "[", "",.) 
(29 real changes made)

. destring tNum, replace
tNum: all characters numeric; replaced as byte

. replace tNum = tNum+1
(29 real changes made)

. 
. order tNum, after(t)

. 
. replace CAARE = CAARE * 100
(29 real changes made)

. 
. gen CILB = CAARE - 1.96*(abs(CAARE/NCAARECorrado_Cowan))

. gen CIUB = CAARE + 1.96*(abs(CAARE/NCAARECorrado_Cowan))

. 
. gen CILB90 = CAARE - 1.645*(abs(CAARE/NCAARECorrado_Cowan))

. gen CIUB90 = CAARE + 1.645*(abs(CAARE/NCAARECorrado_Cowan))

. 
. sort tNum

. 
. replace CILB = -10 if CILB<-10
(3 real changes made)

. replace CILB90 = -10 if CILB90<-10
(3 real changes made)

. replace CIUB = 20 if CIUB > 20
(2 real changes made)

. replace CIUB90 = 20 if CIUB90>20
(2 real changes made)

. 
. twoway line CAARE tNum, lcolor(red) lwidth(medthick) ///
> yscale(range(-10(5)20)) ylabel(-10(5)20) ///
> xlabel(-20(2)10) ///
> graphregion(color(white)) ///
> xtitle("Trading day to/from Monday 14/12/2015") ytitle("CAAR (in %)") /
> //
> legend(off) ///
> xline(-10, lcolor(black)) xline(0, lcolor(black)) ///
> yline(0, lcolor(black)) ///
> text(18 -15 "Pre-negotiation") ///
> text(18 -6 "Negotiation") ///
> text(18 5 "Post-negotiation") ///
> || rcap CILB CIUB tNum, lcolor(blue) 

. 
. graph export "${result}Fig4a.pdf", replace
(file /Users/myramohnen/Dropbox/EventStudy_Paris/JAERE/ConditionalAccept/
> RESULTS/Fig4a.pdf written in PDF format)

. 
. /*=====================================================================
> =========*/
. /* Figure 4. Abnormal returns for portfolios consisting of firms with d
> ifferent green revenue intensity */
. // panel b. top 40% green firms (GR 70-100%)
. /*=====================================================================
> =========*/
. 
. use "List_US_MinGR_top40pc.dta", clear

. 
. eventstudy3 ISIN Date using Returns_US_MinGR_top40pc, returns(Return_Un
> adj) /// 
> mod(FM) ///
> logreturns ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> evwlb(-20)  evwub(10) eswlb(-121) eswub(-21) ///
> car1LB(-1) car1UB(1) ///
> car2LB(0) car2UB(2) ///
> car3LB(1) car3UB(3) ///
> car4LB(2) car4UB(4) ///
> car5LB(3) car5UB(5) ///
> car6LB(4) car6UB(6) ///
> car7LB(5) car7UB(7) ///
> car8LB(6) car8UB(8) ///
> car9LB(7) car9UB(9) ///
> car10LB(8) car10UB(10) ///
> garch archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Post_MinGRtop40pc) carfile(Car_Diag_Post_MinGRtop4
> 0pc) ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 83 events completed.
2 out of 83 events completed.
3 out of 83 events completed.
4 out of 83 events completed.
5 out of 83 events completed.
6 out of 83 events completed.
7 out of 83 events completed.
8 out of 83 events completed.
9 out of 83 events completed.
10 out of 83 events completed.
11 out of 83 events completed.
12 out of 83 events completed.
13 out of 83 events completed.
14 out of 83 events completed.
15 out of 83 events completed.
16 out of 83 events completed.
17 out of 83 events completed.
18 out of 83 events completed.
19 out of 83 events completed.
20 out of 83 events completed.
21 out of 83 events completed.
22 out of 83 events completed.
23 out of 83 events completed.
24 out of 83 events completed.
25 out of 83 events completed.
26 out of 83 events completed.
27 out of 83 events completed.
28 out of 83 events completed.
29 out of 83 events completed.
30 out of 83 events completed.
31 out of 83 events completed.
32 out of 83 events completed.
33 out of 83 events completed.
34 out of 83 events completed.
35 out of 83 events completed.
36 out of 83 events completed.
37 out of 83 events completed.
38 out of 83 events completed.
39 out of 83 events completed.
40 out of 83 events completed.
41 out of 83 events completed.
42 out of 83 events completed.
43 out of 83 events completed.
44 out of 83 events completed.
45 out of 83 events completed.
46 out of 83 events completed.
47 out of 83 events completed.
48 out of 83 events completed.
49 out of 83 events completed.
50 out of 83 events completed.
51 out of 83 events completed.
52 out of 83 events completed.
53 out of 83 events completed.
54 out of 83 events completed.
55 out of 83 events completed.
56 out of 83 events completed.
57 out of 83 events completed.
58 out of 83 events completed.
59 out of 83 events completed.
60 out of 83 events completed.
61 out of 83 events completed.
62 out of 83 events completed.
63 out of 83 events completed.
64 out of 83 events completed.
65 out of 83 events completed.
66 out of 83 events completed.
67 out of 83 events completed.
68 out of 83 events completed.
69 out of 83 events completed.
70 out of 83 events completed.
71 out of 83 events completed.
72 out of 83 events completed.
73 out of 83 events completed.
74 out of 83 events completed.
75 out of 83 events completed.
76 out of 83 events completed.
77 out of 83 events completed.
78 out of 83 events completed.
79 out of 83 events completed.
80 out of 83 events completed.
81 out of 83 events completed.
82 out of 83 events completed.
83 out of 83 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded


Number of events in the event file: 83
-- thereof: Number of events for which security identifiers and event dat
> es are available: 83
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 83
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 83

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market index/factor return data: 0

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market/index factor return data: 0
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 0


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20        83    .0099487                      **                    
> **                                              *  
    -19        83   -.0009246                                            
>                                                    
    -18        83   -.0207871      ***   ***      ***         ***       *
> **      ***       ***       **       ***      ***  
    -17        83   -.0038076                                            
>                                                    
    -16        83    .0005247                                            
>                                                    
    -15        83    -.001109                                            
>                                                    
    -14        83    .0010583                                            
>                                       **       **  
    -13        83   -.0011289                                            
>                                                    
    -12        83   -.0050515                                            
>                                                    
    -11        83    .0042605                       *                   *
> **        *                           **       **  
    -10        83    .0081833                      **                    
> **                                     *        *  
     -9        83    .0133186       **     *       **                    
> **                                    **      ***  
     -8        83    .0053099                                            
>                                                    
     -7        83    .0054141                                            
>                                                 *  
     -6        83   -.0049741                                            
>                                                    
     -5        83    .0014867                                            
>                                                    
     -4        83   -.0004637                                            
>                                                    
     -3        83    .0147168       **    **      ***           *        
> **                                    **      ***  
     -2        83   -.0013447                      **                    
> **                                                 
     -1        83    .0374905      ***   ***       **                    
>                                                    
      0        83    .0097419                      **                    
>  *                                     *      ***  
      1        83    .0044803                                            
>                                                    
      2        83    .0229033      ***   ***      ***         ***       *
> **      ***       ***      ***       ***      ***  
      3        83    .0143998       **     *      ***           *        
> **                  *        *       ***      ***  
      4        83    .0163901      ***    **      ***         ***       *
> **      ***        **       **       ***      ***  
      5        83    .0065961                                            
>                                                    
      6        83   -.0121971       **                                   
>                                                **  
      7        83   -.0036895                                            
>                                        *           
      8        83   -.0005002                                            
>                                                    
      9        83    .0031039                       *                    
> **                                                 
     10        83   -.0063632                                            
>                                        *       **  

         t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ   Bo
> ehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   Wilc
> ox  
    [-1;1]        83    .0517127      ***   ***      ***         ***     
>     *                                                 *                
> **  
     [0;2]        83    .0371254      ***   ***      ***         ***     
>   ***       **             ***             **       ***      ***      *
> **  
     [1;3]        83    .0417833      ***   ***      ***         ***     
>   ***       **             ***            ***       ***      ***      *
> **  
     [2;4]        83    .0536932      ***   ***      ***         ***     
>   ***      ***             ***            ***       ***      ***      *
> **  
     [3;5]        83    .0373859      ***   ***      ***         ***     
>   ***      ***             ***            ***       ***      ***      *
> **  
     [4;6]        83    .0107891                     ***         ***     
>   ***       **                                        *      ***       
>  *  
     [5;7]        83   -.0092905                                         
>                                                                        
>     
     [6;8]        83   -.0163868        *                                
>                                                                        
> **  
     [7;9]        83   -.0010858                                         
>                                                                        
>     
    [8;10]        83   -.0037596                                         
>                                                                        
>     
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  aarfile
Cumulative average abnormal returns:  Car_Diag_Post_MinGRtop40pc
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  crossfile
Diagnostic of events that are excluded:  Diag_Post_MinGRtop40pc
Logfile:  Diag_Post_MinGRtop40pc

. 
. use "List_US_MinGR_top40pc.dta", clear

. 
. eventstudy3 ISIN Date using Returns_US_MinGR_top40pc, returns(Return_Un
> adj) /// 
> car1LB(-2) car1UB(0) ///
> car2LB(-3) car2UB(-1) ///
> car3LB(-4) car3UB(-2) ///
> car4LB(-5) car4UB(-3) ///
> car5LB(-6) car5UB(-4) ///
> car6LB(-7) car6UB(-5) ///
> car7LB(-8) car7UB(-6) ///
> car8LB(-9) car8UB(-7) ///
> car9LB(-10) car9UB(-8) ///
> car10LB(-11) car10UB(-9)  ///
> evwlb(-20)  evwub(10) eswlb(-121) eswub(-21) ///
> mod(FM) ///
> logreturns ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> garch archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Negot_MinGRtop40pc) carfile(Car_Diag_Negot_MinGRto
> p40pc) ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 83 events completed.
2 out of 83 events completed.
3 out of 83 events completed.
4 out of 83 events completed.
5 out of 83 events completed.
6 out of 83 events completed.
7 out of 83 events completed.
8 out of 83 events completed.
9 out of 83 events completed.
10 out of 83 events completed.
11 out of 83 events completed.
12 out of 83 events completed.
13 out of 83 events completed.
14 out of 83 events completed.
15 out of 83 events completed.
16 out of 83 events completed.
17 out of 83 events completed.
18 out of 83 events completed.
19 out of 83 events completed.
20 out of 83 events completed.
21 out of 83 events completed.
22 out of 83 events completed.
23 out of 83 events completed.
24 out of 83 events completed.
25 out of 83 events completed.
26 out of 83 events completed.
27 out of 83 events completed.
28 out of 83 events completed.
29 out of 83 events completed.
30 out of 83 events completed.
31 out of 83 events completed.
32 out of 83 events completed.
33 out of 83 events completed.
34 out of 83 events completed.
35 out of 83 events completed.
36 out of 83 events completed.
37 out of 83 events completed.
38 out of 83 events completed.
39 out of 83 events completed.
40 out of 83 events completed.
41 out of 83 events completed.
42 out of 83 events completed.
43 out of 83 events completed.
44 out of 83 events completed.
45 out of 83 events completed.
46 out of 83 events completed.
47 out of 83 events completed.
48 out of 83 events completed.
49 out of 83 events completed.
50 out of 83 events completed.
51 out of 83 events completed.
52 out of 83 events completed.
53 out of 83 events completed.
54 out of 83 events completed.
55 out of 83 events completed.
56 out of 83 events completed.
57 out of 83 events completed.
58 out of 83 events completed.
59 out of 83 events completed.
60 out of 83 events completed.
61 out of 83 events completed.
62 out of 83 events completed.
63 out of 83 events completed.
64 out of 83 events completed.
65 out of 83 events completed.
66 out of 83 events completed.
67 out of 83 events completed.
68 out of 83 events completed.
69 out of 83 events completed.
70 out of 83 events completed.
71 out of 83 events completed.
72 out of 83 events completed.
73 out of 83 events completed.
74 out of 83 events completed.
75 out of 83 events completed.
76 out of 83 events completed.
77 out of 83 events completed.
78 out of 83 events completed.
79 out of 83 events completed.
80 out of 83 events completed.
81 out of 83 events completed.
82 out of 83 events completed.
83 out of 83 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded


Number of events in the event file: 83
-- thereof: Number of events for which security identifiers and event dat
> es are available: 83
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 83
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 83

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market index/factor return data: 0

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market/index factor return data: 0
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 0


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20        83    .0099487                      **                    
> **                                              *  
    -19        83   -.0009246                                            
>                                                    
    -18        83   -.0207871      ***   ***      ***         ***       *
> **      ***       ***       **       ***      ***  
    -17        83   -.0038076                                            
>                                                    
    -16        83    .0005247                                            
>                                                    
    -15        83    -.001109                                            
>                                                    
    -14        83    .0010583                                            
>                                       **       **  
    -13        83   -.0011289                                            
>                                                    
    -12        83   -.0050515                                            
>                                                    
    -11        83    .0042605                       *                   *
> **        *                           **       **  
    -10        83    .0081833                      **                    
> **                                     *        *  
     -9        83    .0133186       **     *       **                    
> **                                    **      ***  
     -8        83    .0053099                                            
>                                                    
     -7        83    .0054141                                            
>                                                 *  
     -6        83   -.0049741                                            
>                                                    
     -5        83    .0014867                                            
>                                                    
     -4        83   -.0004637                                            
>                                                    
     -3        83    .0147168       **    **      ***           *        
> **                                    **      ***  
     -2        83   -.0013447                      **                    
> **                                                 
     -1        83    .0374905      ***   ***       **                    
>                                                    
      0        83    .0097419                      **                    
>  *                                     *      ***  
      1        83    .0044803                                            
>                                                    
      2        83    .0229033      ***   ***      ***         ***       *
> **      ***       ***      ***       ***      ***  
      3        83    .0143998       **     *      ***           *        
> **                  *        *       ***      ***  
      4        83    .0163901      ***    **      ***         ***       *
> **      ***        **       **       ***      ***  
      5        83    .0065961                                            
>                                                    
      6        83   -.0121971       **                                   
>                                                **  
      7        83   -.0036895                                            
>                                        *           
      8        83   -.0005002                                            
>                                                    
      9        83    .0031039                       *                    
> **                                                 
     10        83   -.0063632                                            
>                                        *       **  

           t   NoFirms       CAAR   t_test   CDA   Patell   PatellADJ   B
> oehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   Wil
> cox  
      [-2;0]        83   .0458877      ***   ***                         
>                                                       **               
>   *  
     [-3;-1]        83   .0508626      ***   ***      ***                
>                                                                        
>  **  
     [-4;-2]        83   .0129084                                        
>                                                                        
>      
     [-5;-3]        83   .0157398        *             **                
>      *                                                **        *      
>  **  
     [-6;-4]        83   -.003951                                        
>                                                                        
>      
     [-7;-5]        83   .0019267                                        
>                                                       **        *      
>      
     [-8;-6]        83   .0057499                                        
>                                                                        
>      
     [-9;-7]        83   .0240426      ***     *      ***          **    
>     **                        *              *                         
> ***  
    [-10;-8]        83   .0268119      ***    **      ***         ***    
>    ***       **              **              *        **       **      
> ***  
    [-11;-9]        83   .0257624      ***    **      ***         ***    
>    ***      ***              **             **       ***      ***      
> ***  
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  aarfile
Cumulative average abnormal returns:  Car_Diag_Negot_MinGRtop40pc
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  crossfile
Diagnostic of events that are excluded:  Diag_Negot_MinGRtop40pc
Logfile:  Diag_Negot_MinGRtop40pc

. 
. use "List_US_MinGR_top40pc.dta", clear

. 
. eventstudy3 ISIN Date using Returns_US_MinGR_top40pc, returns(Return_Un
> adj) /// 
> car1LB(-12) car1UB(-10) ///
> car2LB(-13) car2UB(-11) ///
> car3LB(-14) car3UB(-12) ///
> car4LB(-15) car4UB(-13) ///
> car5LB(-16) car5UB(-14) ///
> car6LB(-17) car6UB(-15) ///
> car7LB(-18) car7UB(-16) ///
> car8LB(-19) car8UB(-17) ///
> car9LB(-20) car9UB(-18)  ///
> evwlb(-20)  evwub(10) eswlb(-121) eswub(-21) ///
> mod(FM) ///
> logreturns ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> garch archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Pre_MinGRtop40pc) carfile(Car_Diag_Pre_MinGRtop40p
> c) ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 83 events completed.
2 out of 83 events completed.
3 out of 83 events completed.
4 out of 83 events completed.
5 out of 83 events completed.
6 out of 83 events completed.
7 out of 83 events completed.
8 out of 83 events completed.
9 out of 83 events completed.
10 out of 83 events completed.
11 out of 83 events completed.
12 out of 83 events completed.
13 out of 83 events completed.
14 out of 83 events completed.
15 out of 83 events completed.
16 out of 83 events completed.
17 out of 83 events completed.
18 out of 83 events completed.
19 out of 83 events completed.
20 out of 83 events completed.
21 out of 83 events completed.
22 out of 83 events completed.
23 out of 83 events completed.
24 out of 83 events completed.
25 out of 83 events completed.
26 out of 83 events completed.
27 out of 83 events completed.
28 out of 83 events completed.
29 out of 83 events completed.
30 out of 83 events completed.
31 out of 83 events completed.
32 out of 83 events completed.
33 out of 83 events completed.
34 out of 83 events completed.
35 out of 83 events completed.
36 out of 83 events completed.
37 out of 83 events completed.
38 out of 83 events completed.
39 out of 83 events completed.
40 out of 83 events completed.
41 out of 83 events completed.
42 out of 83 events completed.
43 out of 83 events completed.
44 out of 83 events completed.
45 out of 83 events completed.
46 out of 83 events completed.
47 out of 83 events completed.
48 out of 83 events completed.
49 out of 83 events completed.
50 out of 83 events completed.
51 out of 83 events completed.
52 out of 83 events completed.
53 out of 83 events completed.
54 out of 83 events completed.
55 out of 83 events completed.
56 out of 83 events completed.
57 out of 83 events completed.
58 out of 83 events completed.
59 out of 83 events completed.
60 out of 83 events completed.
61 out of 83 events completed.
62 out of 83 events completed.
63 out of 83 events completed.
64 out of 83 events completed.
65 out of 83 events completed.
66 out of 83 events completed.
67 out of 83 events completed.
68 out of 83 events completed.
69 out of 83 events completed.
70 out of 83 events completed.
71 out of 83 events completed.
72 out of 83 events completed.
73 out of 83 events completed.
74 out of 83 events completed.
75 out of 83 events completed.
76 out of 83 events completed.
77 out of 83 events completed.
78 out of 83 events completed.
79 out of 83 events completed.
80 out of 83 events completed.
81 out of 83 events completed.
82 out of 83 events completed.
83 out of 83 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded

Warning: Some CAR window definitions (options carXLB and carXUB) have bee
> n changed because they were outside the event window.

Number of events in the event file: 83
-- thereof: Number of events for which security identifiers and event dat
> es are available: 83
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 83
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 83

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market index/factor return data: 0

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market/index factor return data: 0
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 0


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20        83    .0099487                      **                    
> **                                              *  
    -19        83   -.0009246                                            
>                                                    
    -18        83   -.0207871      ***   ***      ***         ***       *
> **      ***       ***       **       ***      ***  
    -17        83   -.0038076                                            
>                                                    
    -16        83    .0005247                                            
>                                                    
    -15        83    -.001109                                            
>                                                    
    -14        83    .0010583                                            
>                                       **       **  
    -13        83   -.0011289                                            
>                                                    
    -12        83   -.0050515                                            
>                                                    
    -11        83    .0042605                       *                   *
> **        *                           **       **  
    -10        83    .0081833                      **                    
> **                                     *        *  
     -9        83    .0133186       **     *       **                    
> **                                    **      ***  
     -8        83    .0053099                                            
>                                                    
     -7        83    .0054141                                            
>                                                 *  
     -6        83   -.0049741                                            
>                                                    
     -5        83    .0014867                                            
>                                                    
     -4        83   -.0004637                                            
>                                                    
     -3        83    .0147168       **    **      ***           *        
> **                                    **      ***  
     -2        83   -.0013447                      **                    
> **                                                 
     -1        83    .0374905      ***   ***       **                    
>                                                    
      0        83    .0097419                      **                    
>  *                                     *      ***  
      1        83    .0044803                                            
>                                                    
      2        83    .0229033      ***   ***      ***         ***       *
> **      ***       ***      ***       ***      ***  
      3        83    .0143998       **     *      ***           *        
> **                  *        *       ***      ***  
      4        83    .0163901      ***    **      ***         ***       *
> **      ***        **       **       ***      ***  
      5        83    .0065961                                            
>                                                    
      6        83   -.0121971       **                                   
>                                                **  
      7        83   -.0036895                                            
>                                        *           
      8        83   -.0005002                                            
>                                                    
      9        83    .0031039                       *                    
> **                                                 
     10        83   -.0063632                                            
>                                        *       **  

            t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ  
>  Boehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   W
> ilcox  
    [-12;-10]        83    .0073923                      **              
>                                                                        
>     *  
    [-13;-11]        83     -.00192                                      
>                                                                        
>        
    [-14;-12]        83   -.0051222                                      
>                                                                   *    
>        
    [-15;-13]        83   -.0011797                                      
>                                                                   *    
>        
    [-16;-14]        83    .0004739                                      
>                                                                        
>        
    [-17;-15]        83   -.0043919                                      
>                                                                        
>        
    [-18;-16]        83     -.02407      ***     *      ***         ***  
>      ***        *                                        *       **    
>   ***  
    [-19;-17]        83   -.0255193      ***    **      ***          **  
>      ***        *                                        *             
>   ***  
    [-20;-18]        83   -.0117631                                      
>                                                                        
>        
     [-20;10]        83    .1169861      ***   ***      ***         ***  
>      ***        *              **             **       ***      ***    
>   ***  
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  aarfile
Cumulative average abnormal returns:  Car_Diag_Pre_MinGRtop40pc
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  crossfile
Diagnostic of events that are excluded:  Diag_Pre_MinGRtop40pc
Logfile:  Diag_Pre_MinGRtop40pc

. 
. // merge data
. 
. use "Car_Diag_Pre_MinGRtop40pc.dta", clear

. drop if _n== 10
(1 observation deleted)

. 
. mmerge t using "Car_Diag_Negot_MinGRtop40pc", type(1:1) missing(nomatch
> ) 

-------------------------------------------------------------------------
> ------
merge specs          |
       matching type | 1:1
  mv's on match vars | nomatch
  unmatched obs from | both
---------------------+---------------------------------------------------
> ------
  master        file | Car_Diag_Pre_MinGRtop40pc.dta
                 obs |      9
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
  using         file | Car_Diag_Negot_MinGRtop40pc.dta
                 obs |     10
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
         common vars | NoFirms CAARE NCAAREt_test PCAAREt_test NCAARECDA
                     | PCAARECDA NCAAREPatell PCAAREPatell NCAAREPatellAD
> J
                     | PCAAREPatellADJ NCAAREBoehmer PCAAREBoehmer NCAARE
> Kolari
                     | PCAAREKolari NCAARECorrado_Cowan PCAARECorrado_Cow
> an
                     | NCAAREZivney_Cowan PCAAREZivney_Cowan NCAAREGenSig
> n
                     | PCAAREGenSign NCAAREGRANKT PCAAREGRANKT NCAAREWilc
> ox
                     | PCAAREWilcox
---------------------+---------------------------------------------------
> ------
result          file | Car_Diag_Pre_MinGRtop40pc.dta
                 obs |     19
                vars |     27  (including _merge)
         ------------+---------------------------------------------------
> ------
              _merge |      9  obs only in master data                (co
> de==1)
                     |     10  obs only in using data                 (co
> de==2)
-------------------------------------------------------------------------
> ------

. mmerge t using "Car_Diag_Post_MinGRtop40pc", type(1:1) missing(nomatch)

-------------------------------------------------------------------------
> ------
merge specs          |
       matching type | 1:1
  mv's on match vars | nomatch
  unmatched obs from | both
---------------------+---------------------------------------------------
> ------
  master        file | Car_Diag_Pre_MinGRtop40pc.dta
                 obs |     19
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
  using         file | Car_Diag_Post_MinGRtop40pc.dta
                 obs |     10
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
         common vars | NoFirms CAARE NCAAREt_test PCAAREt_test NCAARECDA
                     | PCAARECDA NCAAREPatell PCAAREPatell NCAAREPatellAD
> J
                     | PCAAREPatellADJ NCAAREBoehmer PCAAREBoehmer NCAARE
> Kolari
                     | PCAAREKolari NCAARECorrado_Cowan PCAARECorrado_Cow
> an
                     | NCAAREZivney_Cowan PCAAREZivney_Cowan NCAAREGenSig
> n
                     | PCAAREGenSign NCAAREGRANKT PCAAREGRANKT NCAAREWilc
> ox
                     | PCAAREWilcox
---------------------+---------------------------------------------------
> ------
result          file | Car_Diag_Pre_MinGRtop40pc.dta
                 obs |     29
                vars |     27  (including _merge)
         ------------+---------------------------------------------------
> ------
              _merge |     19  obs only in master data                (co
> de==1)
                     |     10  obs only in using data                 (co
> de==2)
-------------------------------------------------------------------------
> ------

. 
. gen tNum = ""
(29 missing values generated)

. replace tNum = usubstr(t, 1, ustrpos(t, ";") - 1)
variable tNum was str1 now str4
(29 real changes made)

. replace tNum = subinstr(tNum, "[", "",.) 
(29 real changes made)

. destring tNum, replace
tNum: all characters numeric; replaced as byte

. replace tNum = tNum+1
(29 real changes made)

. 
. order tNum, after(t)

. 
. replace CAARE = CAARE * 100
(29 real changes made)

. 
. gen CILB = CAARE - 1.96*(abs(CAARE/NCAARECorrado_Cowan))

. gen CIUB = CAARE + 1.96*(abs(CAARE/NCAARECorrado_Cowan))

. 
. gen CILB90 = CAARE - 1.645*(abs(CAARE/NCAARECorrado_Cowan))

. gen CIUB90 = CAARE + 1.645*(abs(CAARE/NCAARECorrado_Cowan))

. 
. sort tNum

. 
. replace CILB = -10 if CILB<-10
(0 real changes made)

. replace CILB90 = -10 if CILB90<-10
(0 real changes made)

. replace CIUB = 20 if CIUB > 20
(0 real changes made)

. replace CIUB90 = 20 if CIUB90>20
(0 real changes made)

. 
. twoway line CAARE tNum, lcolor(red) lwidth(medthick) ///
> yscale(range(-10(5)20)) ylabel(-10(5)20) ///
> xlabel(-20(2)10) ///
> graphregion(color(white)) ///
> xtitle("Trading day to/from Monday 14/12/2015") ytitle("CAAR (in %)") /
> //
> legend(off) ///
> xline(-10, lcolor(black)) xline(0, lcolor(black)) ///
> yline(0, lcolor(black)) ///
> text(18 -15 "Pre-negotiation") ///
> text(18 -6 "Negotiation") ///
> text(18 5 "Post-negotiation") ///
> || rcap CILB CIUB tNum, lcolor(blue) 

. 
. graph export "${result}Fig4b.pdf", replace
(file /Users/myramohnen/Dropbox/EventStudy_Paris/JAERE/ConditionalAccept/
> RESULTS/Fig4b.pdf written in PDF format)

. 
. /*=====================================================================
> =========*/
. /* Figure 4. Abnormal returns for portfolios consisting of firms with d
> ifferent green revenue intensity */
. // panel c. median of green firms (GR 25-43%)
. /*=====================================================================
> =========*/
. 
. use "List_US_MinGR_top5Xtile.dta", clear

. 
. eventstudy3 ISIN Date using Returns_US_MinGR_top5Xtile, returns(Return_
> Unadj) /// 
> car1LB(-1) car1UB(1) ///
> car2LB(0) car2UB(2) ///
> car3LB(1) car3UB(3) ///
> car4LB(2) car4UB(4) ///
> car5LB(3) car5UB(5) ///
> car6LB(4) car6UB(6) ///
> car7LB(5) car7UB(7) ///
> car8LB(6) car8UB(8) ///
> car9LB(7) car9UB(9) ///
> car10LB(8) car10UB(10) ///
> evwlb(-20)  evwub(10) eswlb(-121) eswub(-21) ///
> mod(FM) ///
> logreturns marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(M
> arket_ID) /// 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> garch archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Post_MinGR_top5Xtile) crossfile(Cross_Post_MinGR_t
> op5Xtile) carfile(Car_Diag_Post_MinGR_top5Xtile) ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 22 events completed.
2 out of 22 events completed.
3 out of 22 events completed.
4 out of 22 events completed.
5 out of 22 events completed.
6 out of 22 events completed.
7 out of 22 events completed.
8 out of 22 events completed.
9 out of 22 events completed.
10 out of 22 events completed.
11 out of 22 events completed.
12 out of 22 events completed.
13 out of 22 events completed.
14 out of 22 events completed.
15 out of 22 events completed.
16 out of 22 events completed.
17 out of 22 events completed.
18 out of 22 events completed.
19 out of 22 events completed.
20 out of 22 events completed.
21 out of 22 events completed.
22 out of 22 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded


Number of events in the event file: 22
-- thereof: Number of events for which security identifiers and event dat
> es are available: 22
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 22
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 22

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market index/factor return data: 0

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market/index factor return data: 0
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 0


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20        22    .0058769                                            
>                                                    
    -19        22   -.0029074                                            
>                                        *        *  
    -18        22   -.0131302       **    **      ***          **       *
> **       **         *        *                     
    -17        22    .0097416        *     *        *                    
>  *        *                                     *  
    -16        22    .0067925                      **           *        
> **       **         *        *        **        *  
    -15        22    .0012713                                            
>                                                    
    -14        22   -.0088934              *        *                   *
> **      ***        **      ***       ***      ***  
    -13        22   -.0065264                                            
>                                                    
    -12        22   -.0060647                                            
>                                                    
    -11        22   -.0015397                                            
>                                                    
    -10        22     .001927                                            
>                                                    
     -9        22    .0070241                                            
>                                                    
     -8        22   -.0062537                                            
>                                                    
     -7        22    .0066408                                            
>                                       **        *  
     -6        22   -.0129992       **    **        *           *       *
> **       **        **       **        **       **  
     -5        22   -.0039829                                            
>                                                    
     -4        22      .00681                                            
>                                                    
     -3        22    .0054409                                            
>                                                    
     -2        22    .0053619                                            
>                                                    
     -1        22    .0060082                                            
>                                                    
      0        22   -.0193608      ***   ***       **          **        
>                                                    
      1        22    .0027665                                            
>                                                    
      2        22    .0042742                                            
>                                                    
      3        22    .0113116       **    **       **          **       *
> **       **        **       **        **       **  
      4        22    .0148557      ***   ***       **          **       *
> **      ***        **       **        **       **  
      5        22    .0030779                                            
>                                                    
      6        22    .0005819                                            
>                                                    
      7        22     .004222                                            
>                                                    
      8        22    .0016659                                            
>                                                    
      9        22    .0093438        *     *                            *
> **       **         *       **                 **  
     10        22    .0014475                                            
>                                                    

         t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ   Bo
> ehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   Wilc
> ox  
    [-1;1]        22   -.0105861                                         
>                                                                        
>     
     [0;2]        22   -.0123201                       *           *     
>                                                                        
>     
     [1;3]        22    .0183523        *    **        *           *     
>                                             *                          
>     
     [2;4]        22    .0304415      ***   ***      ***         ***     
>   ***      ***             ***            ***       ***      ***      *
> **  
     [3;5]        22    .0292452      ***   ***      ***         ***     
>   ***      ***             ***            ***       ***      ***      *
> **  
     [4;6]        22    .0185155        *    **      ***         ***     
>   ***      ***              **             **        **      ***       
> **  
     [5;7]        22    .0078817                      **           *     
>                                                               **       
>     
     [6;8]        22    .0064698                       *                 
>     *                                                         **       
>     
     [7;9]        22    .0152317              *       **           *     
>   ***       **              **             **        **      ***      *
> **  
    [8;10]        22    .0124572                                         
>    **       **                                               ***       
>     
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  aarfile
Cumulative average abnormal returns:  Car_Diag_Post_MinGR_top5Xtile
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  Cross_Post_Min
> GR_top5Xtile
Diagnostic of events that are excluded:  Diag_Post_MinGR_top5Xtile
Logfile:  Diag_Post_MinGR_top5Xtile

. 
. use "List_US_MinGR_top5Xtile.dta", clear

. 
. eventstudy3 ISIN Date using Returns_US_MinGR_top5Xtile, returns(Return_
> Unadj) /// 
> car1LB(-2) car1UB(0) ///
> car2LB(-3) car2UB(-1) ///
> car3LB(-4) car3UB(-2) ///
> car4LB(-5) car4UB(-3) ///
> car5LB(-6) car5UB(-4) ///
> car6LB(-7) car6UB(-5) ///
> car7LB(-8) car7UB(-6) ///
> car8LB(-9) car8UB(-7) ///
> car9LB(-10) car9UB(-8) ///
> car10LB(-11) car10UB(-9)  ///
> evwlb(-20)  evwub(10) eswlb(-121) eswub(-21) ///
> mod(FM) ///
> logreturns ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> garch archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Neg_MinGR_top5Xtile) crossfile(Cross_Neg_MinGR_top
> 5Xtile) carfile(Car_Diag_Neg_MinGR_top5Xtile) ///
> replace
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 22 events completed.
2 out of 22 events completed.
3 out of 22 events completed.
4 out of 22 events completed.
5 out of 22 events completed.
6 out of 22 events completed.
7 out of 22 events completed.
8 out of 22 events completed.
9 out of 22 events completed.
10 out of 22 events completed.
11 out of 22 events completed.
12 out of 22 events completed.
13 out of 22 events completed.
14 out of 22 events completed.
15 out of 22 events completed.
16 out of 22 events completed.
17 out of 22 events completed.
18 out of 22 events completed.
19 out of 22 events completed.
20 out of 22 events completed.
21 out of 22 events completed.
22 out of 22 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded


Number of events in the event file: 22
-- thereof: Number of events for which security identifiers and event dat
> es are available: 22
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 22
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 22

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market index/factor return data: 0

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market/index factor return data: 0
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 0


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20        22    .0058769                                            
>                                                    
    -19        22   -.0029074                                            
>                                        *        *  
    -18        22   -.0131302       **    **      ***          **       *
> **       **         *        *                     
    -17        22    .0097416        *     *        *                    
>  *        *                                     *  
    -16        22    .0067925                      **           *        
> **       **         *        *        **        *  
    -15        22    .0012713                                            
>                                                    
    -14        22   -.0088934              *        *                   *
> **      ***        **      ***       ***      ***  
    -13        22   -.0065264                                            
>                                                    
    -12        22   -.0060647                                            
>                                                    
    -11        22   -.0015397                                            
>                                                    
    -10        22     .001927                                            
>                                                    
     -9        22    .0070241                                            
>                                                    
     -8        22   -.0062537                                            
>                                                    
     -7        22    .0066408                                            
>                                       **        *  
     -6        22   -.0129992       **    **        *           *       *
> **       **        **       **        **       **  
     -5        22   -.0039829                                            
>                                                    
     -4        22      .00681                                            
>                                                    
     -3        22    .0054409                                            
>                                                    
     -2        22    .0053619                                            
>                                                    
     -1        22    .0060082                                            
>                                                    
      0        22   -.0193608      ***   ***       **          **        
>                                                    
      1        22    .0027665                                            
>                                                    
      2        22    .0042742                                            
>                                                    
      3        22    .0113116       **    **       **          **       *
> **       **        **       **        **       **  
      4        22    .0148557      ***   ***       **          **       *
> **      ***        **       **        **       **  
      5        22    .0030779                                            
>                                                    
      6        22    .0005819                                            
>                                                    
      7        22     .004222                                            
>                                                    
      8        22    .0016659                                            
>                                                    
      9        22    .0093438        *     *                            *
> **       **         *       **                 **  
     10        22    .0014475                                            
>                                                    

           t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ   
> Boehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   Wi
> lcox  
      [-2;0]        22   -.0079907                                       
>                                                                        
>       
     [-3;-1]        22    .0168109        *     *        *               
>                                                                        
>    *  
     [-4;-2]        22    .0176127        *     *       **           *   
>                                                                        
>       
     [-5;-3]        22    .0082679                       *           *   
>                                                                        
>       
     [-6;-4]        22   -.0101722                                       
>                                                                        
>       
     [-7;-5]        22   -.0103413                                       
>                                                                        
>       
     [-8;-6]        22   -.0126121                       *           *   
>                                                         *              
>       
     [-9;-7]        22    .0074112                                       
>                                                                        
>       
    [-10;-8]        22    .0026974                                       
>                                                                        
>       
    [-11;-9]        22    .0074114                                       
>                                                                  *     
>       
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  aarfile
Cumulative average abnormal returns:  Car_Diag_Neg_MinGR_top5Xtile
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  Cross_Neg_MinG
> R_top5Xtile
Diagnostic of events that are excluded:  Diag_Neg_MinGR_top5Xtile
Logfile:  Diag_Neg_MinGR_top5Xtile

. 
. use "List_US_MinGR_top5Xtile.dta", clear

. 
. eventstudy3 ISIN Date using Returns_US_MinGR_top5Xtile, returns(Return_
> Unadj) /// 
> car1LB(-12) car1UB(-10) ///
> car2LB(-13) car2UB(-11) ///
> car3LB(-14) car3UB(-12) ///
> car4LB(-15) car4UB(-13) ///
> car5LB(-16) car5UB(-14) ///
> car6LB(-17) car6UB(-15) ///
> car7LB(-18) car7UB(-16) ///
> car8LB(-19) car8UB(-17) ///
> car9LB(-20) car9UB(-18)  ///
> evwlb(-20)  evwub(10) eswlb(-121) eswub(-21) ///
> mod(FM) ///
> logreturns ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> garch archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Pre_MinGR_top5Xtile) crossfile(Cross_Pre_MinGR_top
> 5Xtile) carfile(Car_Diag_Pre_MinGR_top5Xtile) ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 22 events completed.
2 out of 22 events completed.
3 out of 22 events completed.
4 out of 22 events completed.
5 out of 22 events completed.
6 out of 22 events completed.
7 out of 22 events completed.
8 out of 22 events completed.
9 out of 22 events completed.
10 out of 22 events completed.
11 out of 22 events completed.
12 out of 22 events completed.
13 out of 22 events completed.
14 out of 22 events completed.
15 out of 22 events completed.
16 out of 22 events completed.
17 out of 22 events completed.
18 out of 22 events completed.
19 out of 22 events completed.
20 out of 22 events completed.
21 out of 22 events completed.
22 out of 22 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded

Warning: Some CAR window definitions (options carXLB and carXUB) have bee
> n changed because they were outside the event window.

Number of events in the event file: 22
-- thereof: Number of events for which security identifiers and event dat
> es are available: 22
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 22
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 22

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market index/factor return data: 0

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market/index factor return data: 0
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 0


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20        22    .0058769                                            
>                                                    
    -19        22   -.0029074                                            
>                                        *        *  
    -18        22   -.0131302       **    **      ***          **       *
> **       **         *        *                     
    -17        22    .0097416        *     *        *                    
>  *        *                                     *  
    -16        22    .0067925                      **           *        
> **       **         *        *        **        *  
    -15        22    .0012713                                            
>                                                    
    -14        22   -.0088934              *        *                   *
> **      ***        **      ***       ***      ***  
    -13        22   -.0065264                                            
>                                                    
    -12        22   -.0060647                                            
>                                                    
    -11        22   -.0015397                                            
>                                                    
    -10        22     .001927                                            
>                                                    
     -9        22    .0070241                                            
>                                                    
     -8        22   -.0062537                                            
>                                                    
     -7        22    .0066408                                            
>                                       **        *  
     -6        22   -.0129992       **    **        *           *       *
> **       **        **       **        **       **  
     -5        22   -.0039829                                            
>                                                    
     -4        22      .00681                                            
>                                                    
     -3        22    .0054409                                            
>                                                    
     -2        22    .0053619                                            
>                                                    
     -1        22    .0060082                                            
>                                                    
      0        22   -.0193608      ***   ***       **          **        
>                                                    
      1        22    .0027665                                            
>                                                    
      2        22    .0042742                                            
>                                                    
      3        22    .0113116       **    **       **          **       *
> **       **        **       **        **       **  
      4        22    .0148557      ***   ***       **          **       *
> **      ***        **       **        **       **  
      5        22    .0030779                                            
>                                                    
      6        22    .0005819                                            
>                                                    
      7        22     .004222                                            
>                                                    
      8        22    .0016659                                            
>                                                    
      9        22    .0093438        *     *                            *
> **       **         *       **                 **  
     10        22    .0014475                                            
>                                                    

            t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ  
>  Boehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   W
> ilcox  
    [-12;-10]        22   -.0056773                                      
>                                                                        
>        
    [-13;-11]        22   -.0141307                                      
>                                                                        
>        
    [-14;-12]        22   -.0214844       **    **      ***         ***  
>      ***      ***              **            ***       ***      ***    
>    **  
    [-15;-13]        22   -.0141484                                      
>                                 *             **         *        *    
>    **  
    [-16;-14]        22   -.0008296                                      
>                                                                        
>        
    [-17;-15]        22    .0178055        *     *      ***         ***  
>      ***      ***              **             **       ***      ***    
>    **  
    [-18;-16]        22     .003404                                      
>                                                                        
>        
    [-19;-17]        22   -.0062959                                      
>                                                                  **    
>        
    [-20;-18]        22   -.0101606                                      
>                                                                        
>        
     [-20;10]        22    .0347839                      **           *  
>                                                                        
>     *  
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  aarfile
Cumulative average abnormal returns:  Car_Diag_Pre_MinGR_top5Xtile
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  Cross_Pre_MinG
> R_top5Xtile
Diagnostic of events that are excluded:  Diag_Pre_MinGR_top5Xtile
Logfile:  Diag_Pre_MinGR_top5Xtile

. 
. // merge dataset
. 
. use "Car_Diag_Pre_MinGR_top5Xtile.dta", clear

. 
. drop if _n==10
(1 observation deleted)

. 
. mmerge t using "Car_Diag_Neg_MinGR_top5Xtile", type(1:1) missing(nomatc
> h) 

-------------------------------------------------------------------------
> ------
merge specs          |
       matching type | 1:1
  mv's on match vars | nomatch
  unmatched obs from | both
---------------------+---------------------------------------------------
> ------
  master        file | Car_Diag_Pre_MinGR_top5Xtile.dta
                 obs |      9
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
  using         file | Car_Diag_Neg_MinGR_top5Xtile.dta
                 obs |     10
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
         common vars | NoFirms CAARE NCAAREt_test PCAAREt_test NCAARECDA
                     | PCAARECDA NCAAREPatell PCAAREPatell NCAAREPatellAD
> J
                     | PCAAREPatellADJ NCAAREBoehmer PCAAREBoehmer NCAARE
> Kolari
                     | PCAAREKolari NCAARECorrado_Cowan PCAARECorrado_Cow
> an
                     | NCAAREZivney_Cowan PCAAREZivney_Cowan NCAAREGenSig
> n
                     | PCAAREGenSign NCAAREGRANKT PCAAREGRANKT NCAAREWilc
> ox
                     | PCAAREWilcox
---------------------+---------------------------------------------------
> ------
result          file | Car_Diag_Pre_MinGR_top5Xtile.dta
                 obs |     19
                vars |     27  (including _merge)
         ------------+---------------------------------------------------
> ------
              _merge |      9  obs only in master data                (co
> de==1)
                     |     10  obs only in using data                 (co
> de==2)
-------------------------------------------------------------------------
> ------

. mmerge t using "Car_Diag_Post_MinGR_top5Xtile", type(1:1) missing(nomat
> ch)

-------------------------------------------------------------------------
> ------
merge specs          |
       matching type | 1:1
  mv's on match vars | nomatch
  unmatched obs from | both
---------------------+---------------------------------------------------
> ------
  master        file | Car_Diag_Pre_MinGR_top5Xtile.dta
                 obs |     19
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
  using         file | Car_Diag_Post_MinGR_top5Xtile.dta
                 obs |     10
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
         common vars | NoFirms CAARE NCAAREt_test PCAAREt_test NCAARECDA
                     | PCAARECDA NCAAREPatell PCAAREPatell NCAAREPatellAD
> J
                     | PCAAREPatellADJ NCAAREBoehmer PCAAREBoehmer NCAARE
> Kolari
                     | PCAAREKolari NCAARECorrado_Cowan PCAARECorrado_Cow
> an
                     | NCAAREZivney_Cowan PCAAREZivney_Cowan NCAAREGenSig
> n
                     | PCAAREGenSign NCAAREGRANKT PCAAREGRANKT NCAAREWilc
> ox
                     | PCAAREWilcox
---------------------+---------------------------------------------------
> ------
result          file | Car_Diag_Pre_MinGR_top5Xtile.dta
                 obs |     29
                vars |     27  (including _merge)
         ------------+---------------------------------------------------
> ------
              _merge |     19  obs only in master data                (co
> de==1)
                     |     10  obs only in using data                 (co
> de==2)
-------------------------------------------------------------------------
> ------

. 
. gen tNum = ""
(29 missing values generated)

. replace tNum = usubstr(t, 1, ustrpos(t, ";") - 1)
variable tNum was str1 now str4
(29 real changes made)

. replace tNum = subinstr(tNum, "[", "",.) 
(29 real changes made)

. destring tNum, replace
tNum: all characters numeric; replaced as byte

. replace tNum = tNum+1
(29 real changes made)

. 
. order tNum, after(t)

. 
. replace CAARE = CAARE * 100
(29 real changes made)

. 
. gen CILB = CAARE - 1.96*(abs(CAARE/NCAARECorrado_Cowan))

. gen CIUB = CAARE + 1.96*(abs(CAARE/NCAARECorrado_Cowan))

. 
. gen CILB90 = CAARE - 1.645*(abs(CAARE/NCAARECorrado_Cowan))

. gen CIUB90 = CAARE + 1.645*(abs(CAARE/NCAARECorrado_Cowan))

. 
. sort tNum

. 
. replace CILB = -10 if CILB<-10
(1 real change made)

. replace CILB90 = -10 if CILB90<-10
(1 real change made)

. replace CIUB = 20 if CIUB > 20
(0 real changes made)

. replace CIUB90 = 20 if CIUB90>20
(0 real changes made)

. 
. twoway line CAARE tNum, lcolor(red) lwidth(medthick) ///
> yscale(range(-10(5)20)) ylabel(-10(5)20) ///
> xlabel(-20(2)10) ///
> graphregion(color(white)) ///
> xtitle("Trading day to/from Monday 14/12/2015") ytitle("CAAR (in %)") /
> //
> legend(off) ///
> xline(-10, lcolor(black)) xline(0, lcolor(black)) ///
> yline(0, lcolor(black)) ///
> text(18 -15 "Pre-negotiation") ///
> text(18 -6 "Negotiation") ///
> text(18 5 "Post-negotiation") ///
> || rcap CILB CIUB tNum, lcolor(blue) 

. 
. graph export "${result}Fig4c.pdf", replace
(file /Users/myramohnen/Dropbox/EventStudy_Paris/JAERE/ConditionalAccept/
> RESULTS/Fig4c.pdf written in PDF format)

. 
. /*=====================================================================
> =========*/
. /* Figure 4. Abnormal returns for portfolios consisting of firms with d
> ifferent green revenue intensity */
. // panel d. any green revenue between 2009-13 (GR>0)
. /*=====================================================================
> =========*/
. 
. use "List_EV2_US_MinGR_yes0913.dta", clear

. 
. eventstudy3 ISIN Date using Returns_EV2_US_MinGR_yes0913, returns(Retur
> n_Unadj) /// 
> car1LB(-1) car1UB(1) car2LB(0) car2UB(2) car3LB(1) car3UB(3) car4LB(2) 
> car4UB(4) car5LB(3) car5UB(5) ///
> car6LB(4) car6UB(6) car7LB(5) car7UB(7) car8LB(6) car8UB(8) car9LB(7) c
> ar9UB(9) car10LB(8) car10UB(10) ///
> evwlb(-20)  evwub(10) eswlb(-121) eswub(-21) mod(FM) logreturns ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> garch archoption(1) garchoption(1)  ///
> diagnosticsfile(Diag_POST_MinGR_yes0913) carfile(Car_Diag_POST_MinGR_ye
> s0913) ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 249 events completed.
2 out of 249 events completed.
3 out of 249 events completed.
4 out of 249 events completed.
5 out of 249 events completed.
6 out of 249 events completed.
7 out of 249 events completed.
8 out of 249 events completed.
9 out of 249 events completed.
10 out of 249 events completed.
11 out of 249 events completed.
12 out of 249 events completed.
13 out of 249 events completed.
14 out of 249 events completed.
15 out of 249 events completed.
16 out of 249 events completed.
17 out of 249 events completed.
18 out of 249 events completed.
19 out of 249 events completed.
20 out of 249 events completed.
21 out of 249 events completed.
22 out of 249 events completed.
23 out of 249 events completed.
24 out of 249 events completed.
25 out of 249 events completed.
26 out of 249 events completed.
27 out of 249 events completed.
28 out of 249 events completed.
29 out of 249 events completed.
30 out of 249 events completed.
31 out of 249 events completed.
32 out of 249 events completed.
33 out of 249 events completed.
34 out of 249 events completed.
35 out of 249 events completed.
36 out of 249 events completed.
37 out of 249 events completed.
38 out of 249 events completed.
39 out of 249 events completed.
40 out of 249 events completed.
41 out of 249 events completed.
42 out of 249 events completed.
43 out of 249 events completed.
44 out of 249 events completed.
45 out of 249 events completed.
46 out of 249 events completed.
47 out of 249 events completed.
48 out of 249 events completed.
49 out of 249 events completed.
50 out of 249 events completed.
51 out of 249 events completed.
52 out of 249 events completed.
53 out of 249 events completed.
54 out of 249 events completed.
55 out of 249 events completed.
56 out of 249 events completed.
57 out of 249 events completed.
58 out of 249 events completed.
59 out of 249 events completed.
60 out of 249 events completed.
61 out of 249 events completed.
62 out of 249 events completed.
63 out of 249 events completed.
64 out of 249 events completed.
65 out of 249 events completed.
66 out of 249 events completed.
67 out of 249 events completed.
68 out of 249 events completed.
69 out of 249 events completed.
70 out of 249 events completed.
71 out of 249 events completed.
72 out of 249 events completed.
73 out of 249 events completed.
74 out of 249 events completed.
75 out of 249 events completed.
76 out of 249 events completed.
77 out of 249 events completed.
78 out of 249 events completed.
79 out of 249 events completed.
80 out of 249 events completed.
81 out of 249 events completed.
82 out of 249 events completed.
83 out of 249 events completed.
84 out of 249 events completed.
85 out of 249 events completed.
86 out of 249 events completed.
87 out of 249 events completed.
88 out of 249 events completed.
89 out of 249 events completed.
90 out of 249 events completed.
91 out of 249 events completed.
92 out of 249 events completed.
93 out of 249 events completed.
94 out of 249 events completed.
95 out of 249 events completed.
96 out of 249 events completed.
97 out of 249 events completed.
98 out of 249 events completed.
99 out of 249 events completed.
100 out of 249 events completed.
101 out of 249 events completed.
102 out of 249 events completed.
103 out of 249 events completed.
104 out of 249 events completed.
105 out of 249 events completed.
106 out of 249 events completed.
107 out of 249 events completed.
108 out of 249 events completed.
109 out of 249 events completed.
110 out of 249 events completed.
111 out of 249 events completed.
112 out of 249 events completed.
113 out of 249 events completed.
114 out of 249 events completed.
115 out of 249 events completed.
116 out of 249 events completed.
117 out of 249 events completed.
118 out of 249 events completed.
119 out of 249 events completed.
120 out of 249 events completed.
121 out of 249 events completed.
122 out of 249 events completed.
123 out of 249 events completed.
124 out of 249 events completed.
125 out of 249 events completed.
126 out of 249 events completed.
127 out of 249 events completed.
128 out of 249 events completed.
129 out of 249 events completed.
130 out of 249 events completed.
131 out of 249 events completed.
132 out of 249 events completed.
133 out of 249 events completed.
134 out of 249 events completed.
135 out of 249 events completed.
136 out of 249 events completed.
137 out of 249 events completed.
138 out of 249 events completed.
139 out of 249 events completed.
140 out of 249 events completed.
141 out of 249 events completed.
142 out of 249 events completed.
143 out of 249 events completed.
144 out of 249 events completed.
145 out of 249 events completed.
146 out of 249 events completed.
147 out of 249 events completed.
148 out of 249 events completed.
149 out of 249 events completed.
150 out of 249 events completed.
151 out of 249 events completed.
152 out of 249 events completed.
153 out of 249 events completed.
154 out of 249 events completed.
155 out of 249 events completed.
156 out of 249 events completed.
157 out of 249 events completed.
158 out of 249 events completed.
159 out of 249 events completed.
160 out of 249 events completed.
161 out of 249 events completed.
162 out of 249 events completed.
163 out of 249 events completed.
164 out of 249 events completed.
165 out of 249 events completed.
166 out of 249 events completed.
167 out of 249 events completed.
168 out of 249 events completed.
169 out of 249 events completed.
170 out of 249 events completed.
171 out of 249 events completed.
172 out of 249 events completed.
173 out of 249 events completed.
174 out of 249 events completed.
175 out of 249 events completed.
176 out of 249 events completed.
177 out of 249 events completed.
178 out of 249 events completed.
179 out of 249 events completed.
180 out of 249 events completed.
181 out of 249 events completed.
182 out of 249 events completed.
183 out of 249 events completed.
184 out of 249 events completed.
185 out of 249 events completed.
186 out of 249 events completed.
187 out of 249 events completed.
188 out of 249 events completed.
189 out of 249 events completed.
190 out of 249 events completed.
191 out of 249 events completed.
192 out of 249 events completed.
193 out of 249 events completed.
194 out of 249 events completed.
195 out of 249 events completed.
196 out of 249 events completed.
197 out of 249 events completed.
198 out of 249 events completed.
199 out of 249 events completed.
200 out of 249 events completed.
201 out of 249 events completed.
202 out of 249 events completed.
203 out of 249 events completed.
204 out of 249 events completed.
205 out of 249 events completed.
206 out of 249 events completed.
207 out of 249 events completed.
208 out of 249 events completed.
209 out of 249 events completed.
210 out of 249 events completed.
211 out of 249 events completed.
212 out of 249 events completed.
213 out of 249 events completed.
214 out of 249 events completed.
215 out of 249 events completed.
216 out of 249 events completed.
217 out of 249 events completed.
218 out of 249 events completed.
219 out of 249 events completed.
220 out of 249 events completed.
221 out of 249 events completed.
222 out of 249 events completed.
223 out of 249 events completed.
224 out of 249 events completed.
225 out of 249 events completed.
226 out of 249 events completed.
227 out of 249 events completed.
228 out of 249 events completed.
229 out of 249 events completed.
230 out of 249 events completed.
231 out of 249 events completed.
232 out of 249 events completed.
233 out of 249 events completed.
234 out of 249 events completed.
235 out of 249 events completed.
236 out of 249 events completed.
237 out of 249 events completed.
238 out of 249 events completed.
239 out of 249 events completed.
240 out of 249 events completed.
241 out of 249 events completed.
242 out of 249 events completed.
243 out of 249 events completed.
244 out of 249 events completed.
245 out of 249 events completed.
246 out of 249 events completed.
247 out of 249 events completed.
248 out of 249 events completed.
249 out of 249 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded


Number of events in the event file: 250
-- thereof: Number of events for which security identifiers and event dat
> es are available: 250
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 250
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 249

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 1
Number of events with insufficient market index/factor return data: 1

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 1
Number of events with insufficient market/index factor return data: 1
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 1


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20       249    .0033595                     ***                    
> **                                   ***      ***  
    -19       249   -.0004694                                            
>  *                                     *           
    -18       249   -.0121312      ***    **      ***          **       *
> **       **        **       **       ***      ***  
    -17       249   -.0024356                                            
>                                                    
    -16       249    .0036949                     ***                   *
> **        *         *        *       ***      ***  
    -15       249   -.0016979                                            
>                                                    
    -14       249   -.0008185                                            
>                                      ***      ***  
    -13       249     .002068                                            
>                                                    
    -12       249     -.00343                                            
>                                        *           
    -11       249    .0034343                     ***                   *
> **                                   ***      ***  
    -10       249    .0057719        *            ***                   *
> **        *                          ***      ***  
     -9       249    .0051625        *                                   
>                                                    
     -8       249   -.0018638                     ***                    
> **                                                 
     -7       249     .004233                                            
>                                                **  
     -6       249    .0034894                                            
>                                                **  
     -5       249   -.0011387                                            
>                                       **           
     -4       249   -.0030771                                            
>                                                    
     -3       249    .0105135      ***    **      ***           *       *
> **        *         *                ***      ***  
     -2       249   -.0011312                     ***                    
> **                                                 
     -1       249    .0139686      ***   ***      ***                    
> **                                   ***       **  
      0       249   -.0027647                       *                    
>  *                                                 
      1       249    .0006863                                            
>                                                    
      2       249    .0117523      ***    **      ***         ***       *
> **       **        **       **       ***      ***  
      3       249    .0085809      ***     *      ***           *       *
> **                  *                ***      ***  
      4       249    .0041606                     ***                   *
> **                                    **       **  
      5       249    .0053143        *                                   
>                                                    
      6       249   -.0055531        *                                   
>                                                    
      7       249    .0041908                      **                   *
> **                                             **  
      8       249    .0015033                                            
> **                                              *  
      9       249   -.0000145                                            
>  *                                     *           
     10       249   -.0046063                       *                    
> **                                   ***      ***  

         t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ   Bo
> ehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   Wilc
> ox  
    [-1;1]       249    .0118903       **            ***                 
>                                                                        
>     
     [0;2]       249    .0096739       **            ***                 
>     *                                                                  
> **  
     [1;3]       249    .0210195      ***    **      ***         ***     
>   ***        *              **             **       ***        *      *
> **  
     [2;4]       249    .0244937      ***   ***      ***         ***     
>   ***      ***             ***             **       ***      ***      *
> **  
     [3;5]       249    .0180558      ***    **      ***         ***     
>   ***        *               *              *       ***       **      *
> **  
     [4;6]       249    .0039219                     ***           *     
>   ***                                                                  
>  *  
     [5;7]       249     .003952                     ***                 
>    **                                               ***                
>     
     [6;8]       249     .000141                     ***                 
>    **                                               ***                
>  *  
     [7;9]       249    .0056796                     ***                 
>   ***        *                                      ***       **      *
> **  
    [8;10]       249   -.0031175                                         
>                                                                        
>     
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  aarfile
Cumulative average abnormal returns:  Car_Diag_POST_MinGR_yes0913
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  crossfile
Diagnostic of events that are excluded:  Diag_POST_MinGR_yes0913
Logfile:  Diag_POST_MinGR_yes0913

. 
. use "List_EV2_US_MinGR_yes0913.dta", clear

. 
. eventstudy3 ISIN Date using Returns_EV2_US_MinGR_yes0913, returns(Retur
> n_Unadj) /// 
> car1LB(-2) car1UB(0) car2LB(-3) car2UB(-1) car3LB(-4) car3UB(-2) car4LB
> (-5) car4UB(-3) car5LB(-6) car5UB(-4) ///
> car6LB(-7) car6UB(-5) car7LB(-8) car7UB(-6) car8LB(-9) car8UB(-7) car9L
> B(-10) car9UB(-8) car10LB(-11) car10UB(-9)  ///
> evwlb(-20)  evwub(10) eswlb(-121) eswub(-21) mod(FM) logreturns ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> garch archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Neg_MinGR_yes0913) carfile(Car_Diag_Neg_MinGR_yes0
> 913) ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 249 events completed.
2 out of 249 events completed.
3 out of 249 events completed.
4 out of 249 events completed.
5 out of 249 events completed.
6 out of 249 events completed.
7 out of 249 events completed.
8 out of 249 events completed.
9 out of 249 events completed.
10 out of 249 events completed.
11 out of 249 events completed.
12 out of 249 events completed.
13 out of 249 events completed.
14 out of 249 events completed.
15 out of 249 events completed.
16 out of 249 events completed.
17 out of 249 events completed.
18 out of 249 events completed.
19 out of 249 events completed.
20 out of 249 events completed.
21 out of 249 events completed.
22 out of 249 events completed.
23 out of 249 events completed.
24 out of 249 events completed.
25 out of 249 events completed.
26 out of 249 events completed.
27 out of 249 events completed.
28 out of 249 events completed.
29 out of 249 events completed.
30 out of 249 events completed.
31 out of 249 events completed.
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34 out of 249 events completed.
35 out of 249 events completed.
36 out of 249 events completed.
37 out of 249 events completed.
38 out of 249 events completed.
39 out of 249 events completed.
40 out of 249 events completed.
41 out of 249 events completed.
42 out of 249 events completed.
43 out of 249 events completed.
44 out of 249 events completed.
45 out of 249 events completed.
46 out of 249 events completed.
47 out of 249 events completed.
48 out of 249 events completed.
49 out of 249 events completed.
50 out of 249 events completed.
51 out of 249 events completed.
52 out of 249 events completed.
53 out of 249 events completed.
54 out of 249 events completed.
55 out of 249 events completed.
56 out of 249 events completed.
57 out of 249 events completed.
58 out of 249 events completed.
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60 out of 249 events completed.
61 out of 249 events completed.
62 out of 249 events completed.
63 out of 249 events completed.
64 out of 249 events completed.
65 out of 249 events completed.
66 out of 249 events completed.
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90 out of 249 events completed.
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92 out of 249 events completed.
93 out of 249 events completed.
94 out of 249 events completed.
95 out of 249 events completed.
96 out of 249 events completed.
97 out of 249 events completed.
98 out of 249 events completed.
99 out of 249 events completed.
100 out of 249 events completed.
101 out of 249 events completed.
102 out of 249 events completed.
103 out of 249 events completed.
104 out of 249 events completed.
105 out of 249 events completed.
106 out of 249 events completed.
107 out of 249 events completed.
108 out of 249 events completed.
109 out of 249 events completed.
110 out of 249 events completed.
111 out of 249 events completed.
112 out of 249 events completed.
113 out of 249 events completed.
114 out of 249 events completed.
115 out of 249 events completed.
116 out of 249 events completed.
117 out of 249 events completed.
118 out of 249 events completed.
119 out of 249 events completed.
120 out of 249 events completed.
121 out of 249 events completed.
122 out of 249 events completed.
123 out of 249 events completed.
124 out of 249 events completed.
125 out of 249 events completed.
126 out of 249 events completed.
127 out of 249 events completed.
128 out of 249 events completed.
129 out of 249 events completed.
130 out of 249 events completed.
131 out of 249 events completed.
132 out of 249 events completed.
133 out of 249 events completed.
134 out of 249 events completed.
135 out of 249 events completed.
136 out of 249 events completed.
137 out of 249 events completed.
138 out of 249 events completed.
139 out of 249 events completed.
140 out of 249 events completed.
141 out of 249 events completed.
142 out of 249 events completed.
143 out of 249 events completed.
144 out of 249 events completed.
145 out of 249 events completed.
146 out of 249 events completed.
147 out of 249 events completed.
148 out of 249 events completed.
149 out of 249 events completed.
150 out of 249 events completed.
151 out of 249 events completed.
152 out of 249 events completed.
153 out of 249 events completed.
154 out of 249 events completed.
155 out of 249 events completed.
156 out of 249 events completed.
157 out of 249 events completed.
158 out of 249 events completed.
159 out of 249 events completed.
160 out of 249 events completed.
161 out of 249 events completed.
162 out of 249 events completed.
163 out of 249 events completed.
164 out of 249 events completed.
165 out of 249 events completed.
166 out of 249 events completed.
167 out of 249 events completed.
168 out of 249 events completed.
169 out of 249 events completed.
170 out of 249 events completed.
171 out of 249 events completed.
172 out of 249 events completed.
173 out of 249 events completed.
174 out of 249 events completed.
175 out of 249 events completed.
176 out of 249 events completed.
177 out of 249 events completed.
178 out of 249 events completed.
179 out of 249 events completed.
180 out of 249 events completed.
181 out of 249 events completed.
182 out of 249 events completed.
183 out of 249 events completed.
184 out of 249 events completed.
185 out of 249 events completed.
186 out of 249 events completed.
187 out of 249 events completed.
188 out of 249 events completed.
189 out of 249 events completed.
190 out of 249 events completed.
191 out of 249 events completed.
192 out of 249 events completed.
193 out of 249 events completed.
194 out of 249 events completed.
195 out of 249 events completed.
196 out of 249 events completed.
197 out of 249 events completed.
198 out of 249 events completed.
199 out of 249 events completed.
200 out of 249 events completed.
201 out of 249 events completed.
202 out of 249 events completed.
203 out of 249 events completed.
204 out of 249 events completed.
205 out of 249 events completed.
206 out of 249 events completed.
207 out of 249 events completed.
208 out of 249 events completed.
209 out of 249 events completed.
210 out of 249 events completed.
211 out of 249 events completed.
212 out of 249 events completed.
213 out of 249 events completed.
214 out of 249 events completed.
215 out of 249 events completed.
216 out of 249 events completed.
217 out of 249 events completed.
218 out of 249 events completed.
219 out of 249 events completed.
220 out of 249 events completed.
221 out of 249 events completed.
222 out of 249 events completed.
223 out of 249 events completed.
224 out of 249 events completed.
225 out of 249 events completed.
226 out of 249 events completed.
227 out of 249 events completed.
228 out of 249 events completed.
229 out of 249 events completed.
230 out of 249 events completed.
231 out of 249 events completed.
232 out of 249 events completed.
233 out of 249 events completed.
234 out of 249 events completed.
235 out of 249 events completed.
236 out of 249 events completed.
237 out of 249 events completed.
238 out of 249 events completed.
239 out of 249 events completed.
240 out of 249 events completed.
241 out of 249 events completed.
242 out of 249 events completed.
243 out of 249 events completed.
244 out of 249 events completed.
245 out of 249 events completed.
246 out of 249 events completed.
247 out of 249 events completed.
248 out of 249 events completed.
249 out of 249 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded


Number of events in the event file: 250
-- thereof: Number of events for which security identifiers and event dat
> es are available: 250
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 250
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 249

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 1
Number of events with insufficient market index/factor return data: 1

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 1
Number of events with insufficient market/index factor return data: 1
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 1


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20       249    .0033595                     ***                    
> **                                   ***      ***  
    -19       249   -.0004694                                            
>  *                                     *           
    -18       249   -.0121312      ***    **      ***          **       *
> **       **        **       **       ***      ***  
    -17       249   -.0024356                                            
>                                                    
    -16       249    .0036949                     ***                   *
> **        *         *        *       ***      ***  
    -15       249   -.0016979                                            
>                                                    
    -14       249   -.0008185                                            
>                                      ***      ***  
    -13       249     .002068                                            
>                                                    
    -12       249     -.00343                                            
>                                        *           
    -11       249    .0034343                     ***                   *
> **                                   ***      ***  
    -10       249    .0057719        *            ***                   *
> **        *                          ***      ***  
     -9       249    .0051625        *                                   
>                                                    
     -8       249   -.0018638                     ***                    
> **                                                 
     -7       249     .004233                                            
>                                                **  
     -6       249    .0034894                                            
>                                                **  
     -5       249   -.0011387                                            
>                                       **           
     -4       249   -.0030771                                            
>                                                    
     -3       249    .0105135      ***    **      ***           *       *
> **        *         *                ***      ***  
     -2       249   -.0011312                     ***                    
> **                                                 
     -1       249    .0139686      ***   ***      ***                    
> **                                   ***       **  
      0       249   -.0027647                       *                    
>  *                                                 
      1       249    .0006863                                            
>                                                    
      2       249    .0117523      ***    **      ***         ***       *
> **       **        **       **       ***      ***  
      3       249    .0085809      ***     *      ***           *       *
> **                  *                ***      ***  
      4       249    .0041606                     ***                   *
> **                                    **       **  
      5       249    .0053143        *                                   
>                                                    
      6       249   -.0055531        *                                   
>                                                    
      7       249    .0041908                      **                   *
> **                                             **  
      8       249    .0015033                                            
> **                                              *  
      9       249   -.0000145                                            
>  *                                     *           
     10       249   -.0046063                       *                    
> **                                   ***      ***  

           t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ   
> Boehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   Wi
> lcox  
      [-2;0]       249    .0100727       **                              
>                                                                        
>       
     [-3;-1]       249    .0233509      ***   ***      ***          **   
>     ***                                                 *              
>  ***  
     [-4;-2]       249    .0063052                                       
>                                                                        
>    *  
     [-5;-3]       249    .0062977                      **               
>       *                                               ***              
>  ***  
     [-6;-4]       249   -.0007264                                       
>                                                                        
>       
     [-7;-5]       249    .0065837                                       
>                                                         *              
>       
     [-8;-6]       249    .0058586                      **               
>                                                                        
>       
     [-9;-7]       249    .0075317                                       
>                                                                        
>       
    [-10;-8]       249    .0090706        *            ***               
>      **                                                                
>    *  
    [-11;-9]       249    .0143687      ***     *      ***          **   
>     ***       **               *              *       ***      ***     
>  ***  
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  aarfile
Cumulative average abnormal returns:  Car_Diag_Neg_MinGR_yes0913
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  crossfile
Diagnostic of events that are excluded:  Diag_Neg_MinGR_yes0913
Logfile:  Diag_Neg_MinGR_yes0913

. 
. use "List_EV2_US_MinGR_yes0913.dta", clear

. 
. eventstudy3 ISIN Date using Returns_EV2_US_MinGR_yes0913, returns(Retur
> n_Unadj) /// 
> car1LB(-12) car1UB(-10) car2LB(-13) car2UB(-11) car3LB(-14) car3UB(-12)
>  car4LB(-15) car4UB(-13) car5LB(-16) car5UB(-14) ///
> car6LB(-17) car6UB(-15) car7LB(-18) car7UB(-16) car8LB(-19) car8UB(-17)
>  car9LB(-20) car9UB(-18) ///
> evwlb(-20)  evwub(10) eswlb(-121) eswub(-21) mod(FM) logreturns ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> garch archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_PRE_MinGR_yes0913) carfile(Car_Diag_PRE_MinGR_yes0
> 913) ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 249 events completed.
2 out of 249 events completed.
3 out of 249 events completed.
4 out of 249 events completed.
5 out of 249 events completed.
6 out of 249 events completed.
7 out of 249 events completed.
8 out of 249 events completed.
9 out of 249 events completed.
10 out of 249 events completed.
11 out of 249 events completed.
12 out of 249 events completed.
13 out of 249 events completed.
14 out of 249 events completed.
15 out of 249 events completed.
16 out of 249 events completed.
17 out of 249 events completed.
18 out of 249 events completed.
19 out of 249 events completed.
20 out of 249 events completed.
21 out of 249 events completed.
22 out of 249 events completed.
23 out of 249 events completed.
24 out of 249 events completed.
25 out of 249 events completed.
26 out of 249 events completed.
27 out of 249 events completed.
28 out of 249 events completed.
29 out of 249 events completed.
30 out of 249 events completed.
31 out of 249 events completed.
32 out of 249 events completed.
33 out of 249 events completed.
34 out of 249 events completed.
35 out of 249 events completed.
36 out of 249 events completed.
37 out of 249 events completed.
38 out of 249 events completed.
39 out of 249 events completed.
40 out of 249 events completed.
41 out of 249 events completed.
42 out of 249 events completed.
43 out of 249 events completed.
44 out of 249 events completed.
45 out of 249 events completed.
46 out of 249 events completed.
47 out of 249 events completed.
48 out of 249 events completed.
49 out of 249 events completed.
50 out of 249 events completed.
51 out of 249 events completed.
52 out of 249 events completed.
53 out of 249 events completed.
54 out of 249 events completed.
55 out of 249 events completed.
56 out of 249 events completed.
57 out of 249 events completed.
58 out of 249 events completed.
59 out of 249 events completed.
60 out of 249 events completed.
61 out of 249 events completed.
62 out of 249 events completed.
63 out of 249 events completed.
64 out of 249 events completed.
65 out of 249 events completed.
66 out of 249 events completed.
67 out of 249 events completed.
68 out of 249 events completed.
69 out of 249 events completed.
70 out of 249 events completed.
71 out of 249 events completed.
72 out of 249 events completed.
73 out of 249 events completed.
74 out of 249 events completed.
75 out of 249 events completed.
76 out of 249 events completed.
77 out of 249 events completed.
78 out of 249 events completed.
79 out of 249 events completed.
80 out of 249 events completed.
81 out of 249 events completed.
82 out of 249 events completed.
83 out of 249 events completed.
84 out of 249 events completed.
85 out of 249 events completed.
86 out of 249 events completed.
87 out of 249 events completed.
88 out of 249 events completed.
89 out of 249 events completed.
90 out of 249 events completed.
91 out of 249 events completed.
92 out of 249 events completed.
93 out of 249 events completed.
94 out of 249 events completed.
95 out of 249 events completed.
96 out of 249 events completed.
97 out of 249 events completed.
98 out of 249 events completed.
99 out of 249 events completed.
100 out of 249 events completed.
101 out of 249 events completed.
102 out of 249 events completed.
103 out of 249 events completed.
104 out of 249 events completed.
105 out of 249 events completed.
106 out of 249 events completed.
107 out of 249 events completed.
108 out of 249 events completed.
109 out of 249 events completed.
110 out of 249 events completed.
111 out of 249 events completed.
112 out of 249 events completed.
113 out of 249 events completed.
114 out of 249 events completed.
115 out of 249 events completed.
116 out of 249 events completed.
117 out of 249 events completed.
118 out of 249 events completed.
119 out of 249 events completed.
120 out of 249 events completed.
121 out of 249 events completed.
122 out of 249 events completed.
123 out of 249 events completed.
124 out of 249 events completed.
125 out of 249 events completed.
126 out of 249 events completed.
127 out of 249 events completed.
128 out of 249 events completed.
129 out of 249 events completed.
130 out of 249 events completed.
131 out of 249 events completed.
132 out of 249 events completed.
133 out of 249 events completed.
134 out of 249 events completed.
135 out of 249 events completed.
136 out of 249 events completed.
137 out of 249 events completed.
138 out of 249 events completed.
139 out of 249 events completed.
140 out of 249 events completed.
141 out of 249 events completed.
142 out of 249 events completed.
143 out of 249 events completed.
144 out of 249 events completed.
145 out of 249 events completed.
146 out of 249 events completed.
147 out of 249 events completed.
148 out of 249 events completed.
149 out of 249 events completed.
150 out of 249 events completed.
151 out of 249 events completed.
152 out of 249 events completed.
153 out of 249 events completed.
154 out of 249 events completed.
155 out of 249 events completed.
156 out of 249 events completed.
157 out of 249 events completed.
158 out of 249 events completed.
159 out of 249 events completed.
160 out of 249 events completed.
161 out of 249 events completed.
162 out of 249 events completed.
163 out of 249 events completed.
164 out of 249 events completed.
165 out of 249 events completed.
166 out of 249 events completed.
167 out of 249 events completed.
168 out of 249 events completed.
169 out of 249 events completed.
170 out of 249 events completed.
171 out of 249 events completed.
172 out of 249 events completed.
173 out of 249 events completed.
174 out of 249 events completed.
175 out of 249 events completed.
176 out of 249 events completed.
177 out of 249 events completed.
178 out of 249 events completed.
179 out of 249 events completed.
180 out of 249 events completed.
181 out of 249 events completed.
182 out of 249 events completed.
183 out of 249 events completed.
184 out of 249 events completed.
185 out of 249 events completed.
186 out of 249 events completed.
187 out of 249 events completed.
188 out of 249 events completed.
189 out of 249 events completed.
190 out of 249 events completed.
191 out of 249 events completed.
192 out of 249 events completed.
193 out of 249 events completed.
194 out of 249 events completed.
195 out of 249 events completed.
196 out of 249 events completed.
197 out of 249 events completed.
198 out of 249 events completed.
199 out of 249 events completed.
200 out of 249 events completed.
201 out of 249 events completed.
202 out of 249 events completed.
203 out of 249 events completed.
204 out of 249 events completed.
205 out of 249 events completed.
206 out of 249 events completed.
207 out of 249 events completed.
208 out of 249 events completed.
209 out of 249 events completed.
210 out of 249 events completed.
211 out of 249 events completed.
212 out of 249 events completed.
213 out of 249 events completed.
214 out of 249 events completed.
215 out of 249 events completed.
216 out of 249 events completed.
217 out of 249 events completed.
218 out of 249 events completed.
219 out of 249 events completed.
220 out of 249 events completed.
221 out of 249 events completed.
222 out of 249 events completed.
223 out of 249 events completed.
224 out of 249 events completed.
225 out of 249 events completed.
226 out of 249 events completed.
227 out of 249 events completed.
228 out of 249 events completed.
229 out of 249 events completed.
230 out of 249 events completed.
231 out of 249 events completed.
232 out of 249 events completed.
233 out of 249 events completed.
234 out of 249 events completed.
235 out of 249 events completed.
236 out of 249 events completed.
237 out of 249 events completed.
238 out of 249 events completed.
239 out of 249 events completed.
240 out of 249 events completed.
241 out of 249 events completed.
242 out of 249 events completed.
243 out of 249 events completed.
244 out of 249 events completed.
245 out of 249 events completed.
246 out of 249 events completed.
247 out of 249 events completed.
248 out of 249 events completed.
249 out of 249 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded

Warning: Some CAR window definitions (options carXLB and carXUB) have bee
> n changed because they were outside the event window.

Number of events in the event file: 250
-- thereof: Number of events for which security identifiers and event dat
> es are available: 250
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 250
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 249

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 1
Number of events with insufficient market index/factor return data: 1

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 1
Number of events with insufficient market/index factor return data: 1
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 1


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20       249    .0033595                     ***                    
> **                                   ***      ***  
    -19       249   -.0004694                                            
>  *                                     *           
    -18       249   -.0121312      ***    **      ***          **       *
> **       **        **       **       ***      ***  
    -17       249   -.0024356                                            
>                                                    
    -16       249    .0036949                     ***                   *
> **        *         *        *       ***      ***  
    -15       249   -.0016979                                            
>                                                    
    -14       249   -.0008185                                            
>                                      ***      ***  
    -13       249     .002068                                            
>                                                    
    -12       249     -.00343                                            
>                                        *           
    -11       249    .0034343                     ***                   *
> **                                   ***      ***  
    -10       249    .0057719        *            ***                   *
> **        *                          ***      ***  
     -9       249    .0051625        *                                   
>                                                    
     -8       249   -.0018638                     ***                    
> **                                                 
     -7       249     .004233                                            
>                                                **  
     -6       249    .0034894                                            
>                                                **  
     -5       249   -.0011387                                            
>                                       **           
     -4       249   -.0030771                                            
>                                                    
     -3       249    .0105135      ***    **      ***           *       *
> **        *         *                ***      ***  
     -2       249   -.0011312                     ***                    
> **                                                 
     -1       249    .0139686      ***   ***      ***                    
> **                                   ***       **  
      0       249   -.0027647                       *                    
>  *                                                 
      1       249    .0006863                                            
>                                                    
      2       249    .0117523      ***    **      ***         ***       *
> **       **        **       **       ***      ***  
      3       249    .0085809      ***     *      ***           *       *
> **                  *                ***      ***  
      4       249    .0041606                     ***                   *
> **                                    **       **  
      5       249    .0053143        *                                   
>                                                    
      6       249   -.0055531        *                                   
>                                                    
      7       249    .0041908                      **                   *
> **                                             **  
      8       249    .0015033                                            
> **                                              *  
      9       249   -.0000145                                            
>  *                                     *           
     10       249   -.0046063                       *                    
> **                                   ***      ***  

            t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ  
>  Boehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   W
> ilcox  
    [-12;-10]       249    .0057762                     ***              
>      ***                                               ***        *    
>   ***  
    [-13;-11]       249    .0020723                       *              
>                                                                        
>        
    [-14;-12]       249   -.0021805                                      
>                                                                        
>    **  
    [-15;-13]       249   -.0004484                                      
>                                                         **             
>    **  
    [-16;-14]       249    .0011784                     ***              
>      ***                                                 *             
>        
    [-17;-15]       249   -.0004387                     ***              
>      ***                                                **             
>     *  
    [-18;-16]       249    -.010872       **            ***              
>      ***                                                               
>        
    [-19;-17]       249   -.0150363      ***     *      ***              
>      ***                                                               
>   ***  
    [-20;-18]       249   -.0092412       **                             
>                                                                        
>        
     [-20;10]       249    .0507519      ***     *      ***         ***  
>      ***                                               ***       **    
>   ***  
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  aarfile
Cumulative average abnormal returns:  Car_Diag_PRE_MinGR_yes0913
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  crossfile
Diagnostic of events that are excluded:  Diag_PRE_MinGR_yes0913
Logfile:  Diag_PRE_MinGR_yes0913

. 
. // merge
. 
. use "Car_Diag_PRE_MinGR_yes0913.dta", clear

. 
. drop if _n==10
(1 observation deleted)

. 
. mmerge t using "Car_Diag_Neg_MinGR_yes0913", type(1:1) missing(nomatch)
>  

-------------------------------------------------------------------------
> ------
merge specs          |
       matching type | 1:1
  mv's on match vars | nomatch
  unmatched obs from | both
---------------------+---------------------------------------------------
> ------
  master        file | Car_Diag_PRE_MinGR_yes0913.dta
                 obs |      9
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
  using         file | Car_Diag_Neg_MinGR_yes0913.dta
                 obs |     10
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
         common vars | NoFirms CAARE NCAAREt_test PCAAREt_test NCAARECDA
                     | PCAARECDA NCAAREPatell PCAAREPatell NCAAREPatellAD
> J
                     | PCAAREPatellADJ NCAAREBoehmer PCAAREBoehmer NCAARE
> Kolari
                     | PCAAREKolari NCAARECorrado_Cowan PCAARECorrado_Cow
> an
                     | NCAAREZivney_Cowan PCAAREZivney_Cowan NCAAREGenSig
> n
                     | PCAAREGenSign NCAAREGRANKT PCAAREGRANKT NCAAREWilc
> ox
                     | PCAAREWilcox
---------------------+---------------------------------------------------
> ------
result          file | Car_Diag_PRE_MinGR_yes0913.dta
                 obs |     19
                vars |     27  (including _merge)
         ------------+---------------------------------------------------
> ------
              _merge |      9  obs only in master data                (co
> de==1)
                     |     10  obs only in using data                 (co
> de==2)
-------------------------------------------------------------------------
> ------

. mmerge t using "Car_Diag_POST_MinGR_yes0913", type(1:1) missing(nomatch
> )

-------------------------------------------------------------------------
> ------
merge specs          |
       matching type | 1:1
  mv's on match vars | nomatch
  unmatched obs from | both
---------------------+---------------------------------------------------
> ------
  master        file | Car_Diag_PRE_MinGR_yes0913.dta
                 obs |     19
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
  using         file | Car_Diag_POST_MinGR_yes0913.dta
                 obs |     10
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
         common vars | NoFirms CAARE NCAAREt_test PCAAREt_test NCAARECDA
                     | PCAARECDA NCAAREPatell PCAAREPatell NCAAREPatellAD
> J
                     | PCAAREPatellADJ NCAAREBoehmer PCAAREBoehmer NCAARE
> Kolari
                     | PCAAREKolari NCAARECorrado_Cowan PCAARECorrado_Cow
> an
                     | NCAAREZivney_Cowan PCAAREZivney_Cowan NCAAREGenSig
> n
                     | PCAAREGenSign NCAAREGRANKT PCAAREGRANKT NCAAREWilc
> ox
                     | PCAAREWilcox
---------------------+---------------------------------------------------
> ------
result          file | Car_Diag_PRE_MinGR_yes0913.dta
                 obs |     29
                vars |     27  (including _merge)
         ------------+---------------------------------------------------
> ------
              _merge |     19  obs only in master data                (co
> de==1)
                     |     10  obs only in using data                 (co
> de==2)
-------------------------------------------------------------------------
> ------

. 
. 
. gen tNum = ""
(29 missing values generated)

. replace tNum = usubstr(t, 1, ustrpos(t, ";") - 1)
variable tNum was str1 now str4
(29 real changes made)

. replace tNum = subinstr(tNum, "[", "",.) 
(29 real changes made)

. destring tNum, replace
tNum: all characters numeric; replaced as byte

. replace tNum = tNum+1
(29 real changes made)

. 
. order tNum, after(t)

. 
. replace CAARE = CAARE * 100
(29 real changes made)

. 
. gen CILB = CAARE - 1.96*(abs(CAARE/NCAARECorrado_Cowan))

. gen CIUB = CAARE + 1.96*(abs(CAARE/NCAARECorrado_Cowan))

. 
. gen CILB90 = CAARE - 1.645*(abs(CAARE/NCAARECorrado_Cowan))

. gen CIUB90 = CAARE + 1.645*(abs(CAARE/NCAARECorrado_Cowan))

. 
. sort tNum

. 
. replace CILB = -10 if CILB<-10
(2 real changes made)

. replace CILB90 = -10 if CILB90<-10
(2 real changes made)

. replace CIUB = 20 if CIUB > 20
(2 real changes made)

. replace CIUB90 = 20 if CIUB90>20
(2 real changes made)

. 
. twoway line CAARE tNum, lcolor(red) lwidth(medthick) ///
> yscale(range(-10(5)20)) ylabel(-10(5)20) ///
> xlabel(-20(2)10) ///
> graphregion(color(white)) ///
> xtitle("Trading day to/from Monday 14/12/2015") ytitle("CAAR (in %)") /
> //
> legend(off) ///
> xline(-10, lcolor(black)) xline(0, lcolor(black)) ///
> yline(0, lcolor(black)) ///
> text(18 -15 "Pre-negotiation") ///
> text(18 -6 "Negotiation") ///
> text(18 5 "Post-negotiation") ///
> || rcap CILB CIUB tNum, lcolor(blue) 

. 
. graph export "${result}Fig4d.pdf", replace
(file /Users/myramohnen/Dropbox/EventStudy_Paris/JAERE/ConditionalAccept/
> RESULTS/Fig4d.pdf written in PDF format)

. 
. /*=====================================================================
> =========*/
. /* Figure 5. Abnormal returns of top decile of green patenting firms */
. // rolling 3-day CAARs for the top decile of firms with the highest cle
> an patent intensity 
. // 95% Corrado-Cowan confidence intervals 
. /*=====================================================================
> =========*/
. 
. use "List_Patents_US_top10Ratio_grant_0013.dta", clear

. 
. eventstudy3 ISIN Date using Returns_Patents_US_top10Ratio_grant_0013, r
> eturns(Return_Unadj) /// 
> mod(FM) ///
> logreturns ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> evwlb(-20)  evwub(10) eswlb(-121) eswub(-21) ///
> car1LB(-1) car1UB(1) ///
> car2LB(0) car2UB(2) ///
> car3LB(1) car3UB(3) ///
> car4LB(2) car4UB(4) ///
> car5LB(3) car5UB(5) ///
> car6LB(4) car6UB(6) ///
> car7LB(5) car7UB(7) ///
> car8LB(6) car8UB(8) ///
> car9LB(7) car9UB(9) ///
> car10LB(8) car10UB(10) ///
> garch archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Post_Patentstop10Rat_grant) carfile(Car_Diag_Post_
> Patentstop10Rat_grant) ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 37 events completed.
2 out of 37 events completed.
3 out of 37 events completed.
4 out of 37 events completed.
5 out of 37 events completed.
6 out of 37 events completed.
7 out of 37 events completed.
8 out of 37 events completed.
9 out of 37 events completed.
10 out of 37 events completed.
11 out of 37 events completed.
12 out of 37 events completed.
13 out of 37 events completed.
14 out of 37 events completed.
15 out of 37 events completed.
16 out of 37 events completed.
17 out of 37 events completed.
18 out of 37 events completed.
19 out of 37 events completed.
20 out of 37 events completed.
21 out of 37 events completed.
22 out of 37 events completed.
23 out of 37 events completed.
24 out of 37 events completed.
25 out of 37 events completed.
26 out of 37 events completed.
27 out of 37 events completed.
28 out of 37 events completed.
29 out of 37 events completed.
30 out of 37 events completed.
31 out of 37 events completed.
32 out of 37 events completed.
33 out of 37 events completed.
34 out of 37 events completed.
35 out of 37 events completed.
36 out of 37 events completed.
37 out of 37 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded


Number of events in the event file: 37
-- thereof: Number of events for which security identifiers and event dat
> es are available: 37
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 37
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 37

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market index/factor return data: 0

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market/index factor return data: 0
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 0


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20        37    .0118408                                            
>                                                 *  
    -19        37   -.0082401                                            
>                                                    
    -18        37   -.0059032                      **                    
> **                                                 
    -17        37   -.0205879                                            
>                                                    
    -16        37    .0274828                     ***           *       *
> **       **        **       **       ***      ***  
    -15        37     -.02067                                            
>                                        *           
    -14        37    .0136557                                            
>                                                    
    -13        37    .0068698                                            
>                                       **           
    -12        37   -.0000638                                            
>                                                    
    -11        37   -.0015876                                            
>                                                    
    -10        37    .0003919                                            
>                                      ***        *  
     -9        37    .0045002                                            
>                                                    
     -8        37   -.0550646      ***   ***       **                    
>                                                    
     -7        37    .0771411      ***   ***                             
>                                                 *  
     -6        37    .0118958                                            
>                                                    
     -5        37   -.0346063             **                             
>                                                    
     -4        37    .0219684                                            
>                                                    
     -3        37    .0109925                      **                    
> **                                    **      ***  
     -2        37    .0055987                      **                    
>  *                                                 
     -1        37    .0087973                       *                    
> **                  *        *       ***      ***  
      0        37   -.0145526                                            
>                                                    
      1        37   -.0082527                                            
>                                                    
      2        37    .0116708                     ***         ***       *
> **       **        **       **       ***      ***  
      3        37    .0096673                      **                   *
> **                 **       **       ***      ***  
      4        37     .013297                      **                    
>                                      ***      ***  
      5        37    .0080687                                            
>                                                    
      6        37   -.0096723                       *                    
>                                                    
      7        37    .0035475                                            
>                                                    
      8        37    .0022454                                            
>                                                    
      9        37   -.0037871                                            
>                                                    
     10        37   -.0648284      ***   ***                             
>                                                    

         t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ   Bo
> ehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   Wilc
> ox  
    [-1;1]        37    -.014008                                         
>                                                                        
>     
     [0;2]        37   -.0111345                                         
>                                                                        
>     
     [1;3]        37    .0130854                     ***         ***     
>    **                       **                       **               *
> **  
     [2;4]        37     .034635                     ***         ***     
>   ***       **             ***             **       ***      ***      *
> **  
     [3;5]        37    .0310329                     ***         ***     
>   ***                       **                      ***      ***      *
> **  
     [4;6]        37    .0116934                       *                 
>                                                                        
>     
     [5;7]        37    .0019439                                         
>                                                                        
>     
     [6;8]        37   -.0038795                                         
>                                                                        
>     
     [7;9]        37    .0020057                                         
>                                                                        
>     
    [8;10]        37   -.0663702       **    **                          
>                                                                        
>     
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  aarfile
Cumulative average abnormal returns:  Car_Diag_Post_Patentstop10Rat_grant
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  crossfile
Diagnostic of events that are excluded:  Diag_Post_Patentstop10Rat_grant
Logfile:  Diag_Post_Patentstop10Rat_grant

. 
. use "List_Patents_US_top10Ratio_grant_0013.dta", clear

. 
. eventstudy3 ISIN Date using Returns_Patents_US_top10Ratio_grant_0013, r
> eturns(Return_Unadj) /// 
> mod(FM) ///
> logreturns ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> evwlb(-20)  evwub(10) eswlb(-121) eswub(-21) ///
> car1LB(-2) car1UB(0) ///
> car2LB(-3) car2UB(-1) ///
> car3LB(-4) car3UB(-2) ///
> car4LB(-5) car4UB(-3) ///
> car5LB(-6) car5UB(-4) ///
> car6LB(-7) car6UB(-5) ///
> car7LB(-8) car7UB(-6) ///
> car8LB(-9) car8UB(-7) ///
> car9LB(-10) car9UB(-8) ///
> car10LB(-11) car10UB(-9)  ///
> garch archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Neg_Patentstop10Rat_grant) carfile(Car_Diag_Neg_Pa
> tentstop10Rat_grant) ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 37 events completed.
2 out of 37 events completed.
3 out of 37 events completed.
4 out of 37 events completed.
5 out of 37 events completed.
6 out of 37 events completed.
7 out of 37 events completed.
8 out of 37 events completed.
9 out of 37 events completed.
10 out of 37 events completed.
11 out of 37 events completed.
12 out of 37 events completed.
13 out of 37 events completed.
14 out of 37 events completed.
15 out of 37 events completed.
16 out of 37 events completed.
17 out of 37 events completed.
18 out of 37 events completed.
19 out of 37 events completed.
20 out of 37 events completed.
21 out of 37 events completed.
22 out of 37 events completed.
23 out of 37 events completed.
24 out of 37 events completed.
25 out of 37 events completed.
26 out of 37 events completed.
27 out of 37 events completed.
28 out of 37 events completed.
29 out of 37 events completed.
30 out of 37 events completed.
31 out of 37 events completed.
32 out of 37 events completed.
33 out of 37 events completed.
34 out of 37 events completed.
35 out of 37 events completed.
36 out of 37 events completed.
37 out of 37 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded


Number of events in the event file: 37
-- thereof: Number of events for which security identifiers and event dat
> es are available: 37
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 37
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 37

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market index/factor return data: 0

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market/index factor return data: 0
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 0


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20        37    .0118408                                            
>                                                 *  
    -19        37   -.0082401                                            
>                                                    
    -18        37   -.0059032                      **                    
> **                                                 
    -17        37   -.0205879                                            
>                                                    
    -16        37    .0274828                     ***           *       *
> **       **       ***       **       ***      ***  
    -15        37     -.02067                                            
>                                        *           
    -14        37    .0136557                                            
>                                                    
    -13        37    .0068698                                            
>                                       **           
    -12        37   -.0000638                                            
>                                                    
    -11        37   -.0015876                                            
>                                                    
    -10        37    .0003919                                            
>                                      ***        *  
     -9        37    .0045002                                            
>                                                    
     -8        37   -.0550646      ***   ***       **                    
>                                                    
     -7        37    .0771411      ***   ***                             
>                                                 *  
     -6        37    .0118958                                            
>                                                    
     -5        37   -.0346063             **                             
>                                                    
     -4        37    .0219684                                            
>                                                    
     -3        37    .0109925                      **                    
> **                  *                 **      ***  
     -2        37    .0055987                      **                    
>  *                                                 
     -1        37    .0087973                       *                    
> **                           *       ***      ***  
      0        37   -.0145526                                            
>                                                    
      1        37   -.0082527                                            
>                                                    
      2        37    .0116708                     ***         ***       *
> **       **       ***       **       ***      ***  
      3        37    .0096673                      **                   *
> **                 **       **       ***      ***  
      4        37     .013297                      **                    
>                                      ***      ***  
      5        37    .0080687                                            
>                                                    
      6        37   -.0096723                       *                    
>                                                    
      7        37    .0035475                                            
>                                                    
      8        37    .0022454                                            
>                                                    
      9        37   -.0037871                                            
>                                                    
     10        37   -.0648284      ***   ***                             
>                                                    

           t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ   
> Boehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   Wi
> lcox  
      [-2;0]        37   -.0001566                       *               
>                                                                        
>       
     [-3;-1]        37    .0253885                                       
>                                                                        
>   **  
     [-4;-2]        37    .0385596                                       
>                                                                        
>       
     [-5;-3]        37   -.0016454                      **               
>                                                         *              
>    *  
     [-6;-4]        37   -.0007421                                       
>                                                                        
>       
     [-7;-5]        37    .0544307        *     *                        
>                                                                        
>       
     [-8;-6]        37    .0339723                                       
>                                                                        
>       
     [-9;-7]        37    .0265767                       *               
>                                                                        
>       
    [-10;-8]        37   -.0501725        *     *                        
>                                                                        
>       
    [-11;-9]        37    .0033045                                       
>                                                                        
>       
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  aarfile
Cumulative average abnormal returns:  Car_Diag_Neg_Patentstop10Rat_grant
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  crossfile
Diagnostic of events that are excluded:  Diag_Neg_Patentstop10Rat_grant
Logfile:  Diag_Neg_Patentstop10Rat_grant

. 
. use "List_Patents_US_top10Ratio_grant_0013.dta", clear

. 
. eventstudy3 ISIN Date using Returns_Patents_US_top10Ratio_grant_0013, r
> eturns(Return_Unadj) /// 
> mod(FM) ///
> logreturns ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> evwlb(-20)  evwub(10) eswlb(-121) eswub(-21) ///
> car1LB(-12) car1UB(-10) ///
> car2LB(-13) car2UB(-11) ///
> car3LB(-14) car3UB(-12) ///
> car4LB(-15) car4UB(-13) ///
> car5LB(-16) car5UB(-14) ///
> car6LB(-17) car6UB(-15) ///
> car7LB(-18) car7UB(-16) ///
> car8LB(-19) car8UB(-17) ///
> car9LB(-20) car9UB(-18)  ///
> garch archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Pre_Patentstop10Rat_grant) carfile(Car_Diag_Pre_Pa
> tentstop10Rat_grant) ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 37 events completed.
2 out of 37 events completed.
3 out of 37 events completed.
4 out of 37 events completed.
5 out of 37 events completed.
6 out of 37 events completed.
7 out of 37 events completed.
8 out of 37 events completed.
9 out of 37 events completed.
10 out of 37 events completed.
11 out of 37 events completed.
12 out of 37 events completed.
13 out of 37 events completed.
14 out of 37 events completed.
15 out of 37 events completed.
16 out of 37 events completed.
17 out of 37 events completed.
18 out of 37 events completed.
19 out of 37 events completed.
20 out of 37 events completed.
21 out of 37 events completed.
22 out of 37 events completed.
23 out of 37 events completed.
24 out of 37 events completed.
25 out of 37 events completed.
26 out of 37 events completed.
27 out of 37 events completed.
28 out of 37 events completed.
29 out of 37 events completed.
30 out of 37 events completed.
31 out of 37 events completed.
32 out of 37 events completed.
33 out of 37 events completed.
34 out of 37 events completed.
35 out of 37 events completed.
36 out of 37 events completed.
37 out of 37 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded

Warning: Some CAR window definitions (options carXLB and carXUB) have bee
> n changed because they were outside the event window.

Number of events in the event file: 37
-- thereof: Number of events for which security identifiers and event dat
> es are available: 37
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 37
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 37

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market index/factor return data: 0

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market/index factor return data: 0
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 0


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20        37    .0118408                                            
>                                                 *  
    -19        37   -.0082401                                            
>                                                    
    -18        37   -.0059032                      **                    
> **                                                 
    -17        37   -.0205879                                            
>                                                    
    -16        37    .0274828                     ***           *       *
> **       **        **       **       ***      ***  
    -15        37     -.02067                                            
>                                        *           
    -14        37    .0136557                                            
>                                                    
    -13        37    .0068698                                            
>                                       **           
    -12        37   -.0000638                                            
>                                                    
    -11        37   -.0015876                                            
>                                                    
    -10        37    .0003919                                            
>                                      ***        *  
     -9        37    .0045002                                            
>                                                    
     -8        37   -.0550646      ***   ***       **                    
>                                                    
     -7        37    .0771411      ***   ***                             
>                                                 *  
     -6        37    .0118958                                            
>                                                    
     -5        37   -.0346063             **                             
>                                                    
     -4        37    .0219684                                            
>                                                    
     -3        37    .0109925                      **                    
> **                                    **      ***  
     -2        37    .0055987                      **                    
>  *                  *                              
     -1        37    .0087973                       *                    
> **                           *       ***      ***  
      0        37   -.0145526                                            
>                                                    
      1        37   -.0082527                                            
>                                                    
      2        37    .0116708                     ***         ***       *
> **       **        **       **       ***      ***  
      3        37    .0096673                      **                   *
> **                 **       **       ***      ***  
      4        37     .013297                      **                    
>                                      ***      ***  
      5        37    .0080687                                            
>                                                    
      6        37   -.0096723                       *                    
>                                                    
      7        37    .0035475                                            
>                                                    
      8        37    .0022454                                            
>                                                    
      9        37   -.0037871                                            
>                                                    
     10        37   -.0648284      ***   ***                             
>                                                    

            t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ  
>  Boehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   W
> ilcox  
    [-12;-10]        37   -.0012596                                      
>                                                                        
>        
    [-13;-11]        37    .0052184                                      
>                                                          *             
>        
    [-14;-12]        37    .0204618                                      
>                                                                        
>        
    [-15;-13]        37   -.0001444                                      
>                                                                        
>        
    [-16;-14]        37    .0204686                      **              
>        *                                                **       **    
>     *  
    [-17;-15]        37    -.013775                                      
>                                                          *             
>        
    [-18;-16]        37    .0009918                                      
>                                                                        
>        
    [-19;-17]        37   -.0347312                      **              
>       **                                      **        **      ***    
>     *  
    [-20;-18]        37   -.0023025                                      
>                                                                        
>        
     [-20;10]        37    .0018151                      **              
>                                                *         *             
>   ***  
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  aarfile
Cumulative average abnormal returns:  Car_Diag_Pre_Patentstop10Rat_grant
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  crossfile
Diagnostic of events that are excluded:  Diag_Pre_Patentstop10Rat_grant
Logfile:  Diag_Pre_Patentstop10Rat_grant

. 
. // All datasets
. 
. use "Car_Diag_Pre_Patentstop10Rat_grant.dta", clear

. 
. drop if _n==10
(1 observation deleted)

. 
. mmerge t using "Car_Diag_Neg_Patentstop10Rat_grant", type(1:1) missing(
> nomatch) 

-------------------------------------------------------------------------
> ------
merge specs          |
       matching type | 1:1
  mv's on match vars | nomatch
  unmatched obs from | both
---------------------+---------------------------------------------------
> ------
  master        file | Car_Diag_Pre_Patentstop10Rat_grant.dta
                 obs |      9
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
  using         file | Car_Diag_Neg_Patentstop10Rat_grant.dta
                 obs |     10
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
         common vars | NoFirms CAARE NCAAREt_test PCAAREt_test NCAARECDA
                     | PCAARECDA NCAAREPatell PCAAREPatell NCAAREPatellAD
> J
                     | PCAAREPatellADJ NCAAREBoehmer PCAAREBoehmer NCAARE
> Kolari
                     | PCAAREKolari NCAARECorrado_Cowan PCAARECorrado_Cow
> an
                     | NCAAREZivney_Cowan PCAAREZivney_Cowan NCAAREGenSig
> n
                     | PCAAREGenSign NCAAREGRANKT PCAAREGRANKT NCAAREWilc
> ox
                     | PCAAREWilcox
---------------------+---------------------------------------------------
> ------
result          file | Car_Diag_Pre_Patentstop10Rat_grant.dta
                 obs |     19
                vars |     27  (including _merge)
         ------------+---------------------------------------------------
> ------
              _merge |      9  obs only in master data                (co
> de==1)
                     |     10  obs only in using data                 (co
> de==2)
-------------------------------------------------------------------------
> ------

. mmerge t using "Car_Diag_Post_Patentstop10Rat_grant", type(1:1) missing
> (nomatch)

-------------------------------------------------------------------------
> ------
merge specs          |
       matching type | 1:1
  mv's on match vars | nomatch
  unmatched obs from | both
---------------------+---------------------------------------------------
> ------
  master        file | Car_Diag_Pre_Patentstop10Rat_grant.dta
                 obs |     19
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
  using         file | Car_Diag_Post_Patentstop10Rat_grant.dta
                 obs |     10
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
         common vars | NoFirms CAARE NCAAREt_test PCAAREt_test NCAARECDA
                     | PCAARECDA NCAAREPatell PCAAREPatell NCAAREPatellAD
> J
                     | PCAAREPatellADJ NCAAREBoehmer PCAAREBoehmer NCAARE
> Kolari
                     | PCAAREKolari NCAARECorrado_Cowan PCAARECorrado_Cow
> an
                     | NCAAREZivney_Cowan PCAAREZivney_Cowan NCAAREGenSig
> n
                     | PCAAREGenSign NCAAREGRANKT PCAAREGRANKT NCAAREWilc
> ox
                     | PCAAREWilcox
---------------------+---------------------------------------------------
> ------
result          file | Car_Diag_Pre_Patentstop10Rat_grant.dta
                 obs |     29
                vars |     27  (including _merge)
         ------------+---------------------------------------------------
> ------
              _merge |     19  obs only in master data                (co
> de==1)
                     |     10  obs only in using data                 (co
> de==2)
-------------------------------------------------------------------------
> ------

. 
. gen tNum = ""
(29 missing values generated)

. replace tNum = usubstr(t, 1, ustrpos(t, ";") - 1)
variable tNum was str1 now str4
(29 real changes made)

. replace tNum = subinstr(tNum, "[", "",.) 
(29 real changes made)

. destring tNum, replace
tNum: all characters numeric; replaced as byte

. replace tNum = tNum+1
(29 real changes made)

. 
. order tNum, after(t)

. 
. replace CAARE = CAARE * 100
(29 real changes made)

. 
. // Corrado CIs
. gen CILB = CAARE - 1.96*(abs(CAARE/NCAARECorrado_Cowan))

. gen CIUB = CAARE + 1.96*(abs(CAARE/NCAARECorrado_Cowan))

. 
. replace CILB=-15 if CILB<-15
(4 real changes made)

. replace CIUB=20 if CIUB>20
(3 real changes made)

. 
. sort tNum

. 
. twoway line CAARE tNum, lcolor(red) lwidth(medthick) ///
> yscale(range(-15(5)20)) ylabel(-15(5)20) ///
> xlabel(-20(2)10) ///
> graphregion(color(white)) ///
> xtitle("Trading day to/from Monday 14/12/2015") ytitle("CAAR (in %)") /
> //
> legend(off) ///
> xline(-10, lcolor(black)) xline(0, lcolor(black)) ///
> yline(0, lcolor(black)) ///
> text(18 -15 "Pre-negotiation") ///
> text(18 -6 "Negotiation") ///
> text(18 5 "Post-negotiation") ///
> || rcap CILB CIUB tNum, lcolor(blue) 

. 
. graph export "${result}Fig5.pdf", replace
(file /Users/myramohnen/Dropbox/EventStudy_Paris/JAERE/ConditionalAccept/
> RESULTS/Fig5.pdf written in PDF format)

. 
. /*=====================================================================
> =========*/
. /* Figure 6a. Sautner data
> Firms with high climate related opportunity based on median */
. /*=====================================================================
> =========*/
. 
. use "List_high_op_expo_ew", clear

. 
. eventstudy3 ISIN Date using Returns_high_op_expo_ew, returns(Return_Una
> dj) /// 
> mod(FM) /// Fama French model 
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) /// factors
> riskfreerate(RFNum) /// risk free 
> evwlb(-20) /// event window lower bound
> evwub(10) /// event window upper bound 
> eswlb(-121) /// estimation window lower bound 
> eswub(-21) /// estimation window upper bound 
> logreturns /// log returns
> car1LB(-12) car1UB(-10) /// CAR window 1 bounds
> car2LB(-13) car2UB(-11) /// CAR window 2 bounds
> car3LB(-14) car3UB(-12) /// CAR window 3 bounds
> car4LB(-15) car4UB(-13) /// CAR window 4 bounds
> car5LB(-16) car5UB(-14) /// CAR window 5 bounds
> car6LB(-17) car6UB(-15) /// CAR window 6 bounds
> car7LB(-18) car7UB(-16) /// CAR window 7 bounds
> car8LB(-19) car8UB(-17) /// CAR window 8 bounds
> car9LB(-20) car9UB(-18) /// CAR window 9 bounds
> archoption(1) garchoption(1) /// ARCH option GARCH option
> diagnosticsfile(Diag_Pre_MinGR_top8Xtile) /// output diagnostic 
> carfile(Car_Diag_Pre_MinGR_top8Xtile) /// output cumulative average abn
> ormal return file
> aarfile(AAR) ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 20 events completed.
2 out of 20 events completed.
3 out of 20 events completed.
4 out of 20 events completed.
5 out of 20 events completed.
6 out of 20 events completed.
7 out of 20 events completed.
8 out of 20 events completed.
9 out of 20 events completed.
10 out of 20 events completed.
11 out of 20 events completed.
12 out of 20 events completed.
13 out of 20 events completed.
14 out of 20 events completed.
15 out of 20 events completed.
16 out of 20 events completed.
17 out of 20 events completed.
18 out of 20 events completed.
19 out of 20 events completed.
20 out of 20 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded

Warning: Some CAR window definitions (options carXLB and carXUB) have bee
> n changed because they were outside the event window.

Number of events in the event file: 20
-- thereof: Number of events for which security identifiers and event dat
> es are available: 20
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 20
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 20

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market index/factor return data: 0

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market/index factor return data: 0
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 0


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20        20    .0074313                                            
>                                                    
    -19        20    .0115104                                            
>                                                    
    -18        20    -.033699      ***    **      ***          **        
> **                 **        *         *       **  
    -17        20   -.0047873                                            
>                                                    
    -16        20   -.0113091                                            
>                                                    
    -15        20   -.0004857                                            
>                                                    
    -14        20   -.0052082                                            
>                                                    
    -13        20    .0011605                                            
>                                                    
    -12        20   -.0022926                                            
>                                                    
    -11        20    .0028682                                            
>                                                    
    -10        20    .0168611        *             **                    
>  *                                    **        *  
     -9        20    .0314517      ***    **      ***          **        
> **                                              *  
     -8        20    .0164021        *              *                    
>                                                    
     -7        20     .023315       **     *      ***          **       *
> **      ***        **      ***       ***      ***  
     -6        20    -.012815                       *                   *
> **       **         *       **        **      ***  
     -5        20    .0054039                                            
>                                                    
     -4        20    .0021077                                            
>                                                    
     -3        20    .0216924       **             **                    
>                                        *        *  
     -2        20   -.0011488                                            
>                                                    
     -1        20    .0072616                                            
>                                                    
      0        20    .0391824      ***   ***      ***         ***       *
> **       **        **       **       ***      ***  
      1        20    .0119824                      **                    
>  *                                    **           
      2        20    .0544767      ***   ***      ***         ***       *
> **       **       ***       **       ***      ***  
      3        20    .0133029                      **                   *
> **        *                  *        **        *  
      4        20    .0170729        *             **           *       *
> **        *                  *        **       **  
      5        20     .011688                                            
>                                                    
      6        20   -.0246954       **     *       **           *       *
> **       **        **       **       ***      ***  
      7        20   -.0048237                                            
>                                       **           
      8        20    .0037581                                            
>                                                    
      9        20    -.003823                                            
>                                                    
     10        20   -.0007833                                            
>                                                    

            t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ  
>  Boehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   W
> ilcox  
    [-12;-10]        20    .0174368                       *              
>                                                                        
>     *  
    [-13;-11]        20    .0017362                                      
>                                                                        
>        
    [-14;-12]        20   -.0063402                                      
>                                                                        
>        
    [-15;-13]        20   -.0045334                                      
>                                                                        
>        
    [-16;-14]        20    -.017003                                      
>                                                                        
>        
    [-17;-15]        20   -.0165822                                      
>                                                                        
>        
    [-18;-16]        20   -.0497954      ***    **      ***          **  
>        *                                                          *    
>    **  
    [-19;-17]        20   -.0269759                                      
>                                                                        
>        
    [-20;-18]        20   -.0147573                                      
>                                                                        
>        
     [-20;10]        20    .1930583      ***    **      ***         ***  
>       **                        *              *       ***       **    
>   ***  
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  AAR
Cumulative average abnormal returns:  Car_Diag_Pre_MinGR_top8Xtile
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  crossfile
Diagnostic of events that are excluded:  Diag_Pre_MinGR_top8Xtile
Logfile:  Diag_Pre_MinGR_top8Xtile

. 
. use "List_high_op_expo_ew", clear

. 
. eventstudy3 ISIN Date using Returns_high_op_expo_ew, returns(Return_Una
> dj) /// 
> mod(FM) ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> evwlb(-20) evwub(10) ///
> eswlb(-121) eswub(-21) ///
> logreturns ///
> car1LB(-2) car1UB(0) ///
> car2LB(-3) car2UB(-1) ///
> car3LB(-4) car3UB(-2) ///
> car4LB(-5) car4UB(-3) ///
> car5LB(-6) car5UB(-4) ///
> car6LB(-7) car6UB(-5) ///
> car7LB(-8) car7UB(-6) ///
> car8LB(-9) car8UB(-7) ///
> car9LB(-10) car9UB(-8) ///
> car10LB(-11) car10UB(-9) ///
> archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Neg_MinGR_top8Xtile) ///
> carfile(Car_Diag_Neg_MinGR_top8Xtile) ///
> aarfile(AAR_neg) ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 20 events completed.
2 out of 20 events completed.
3 out of 20 events completed.
4 out of 20 events completed.
5 out of 20 events completed.
6 out of 20 events completed.
7 out of 20 events completed.
8 out of 20 events completed.
9 out of 20 events completed.
10 out of 20 events completed.
11 out of 20 events completed.
12 out of 20 events completed.
13 out of 20 events completed.
14 out of 20 events completed.
15 out of 20 events completed.
16 out of 20 events completed.
17 out of 20 events completed.
18 out of 20 events completed.
19 out of 20 events completed.
20 out of 20 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded


Number of events in the event file: 20
-- thereof: Number of events for which security identifiers and event dat
> es are available: 20
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 20
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 20

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market index/factor return data: 0

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market/index factor return data: 0
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 0


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20        20    .0074313                                            
>                                                    
    -19        20    .0115104                                            
>                                                    
    -18        20    -.033699      ***    **      ***          **        
> **                 **        *         *       **  
    -17        20   -.0047873                                            
>                                                    
    -16        20   -.0113091                                            
>                                                    
    -15        20   -.0004857                                            
>                                                    
    -14        20   -.0052082                                            
>                                                    
    -13        20    .0011605                                            
>                                                    
    -12        20   -.0022926                                            
>                                                    
    -11        20    .0028682                                            
>                                                    
    -10        20    .0168611        *             **                    
>  *                                    **        *  
     -9        20    .0314517      ***    **      ***          **        
> **                                              *  
     -8        20    .0164021        *              *                    
>                                                    
     -7        20     .023315       **     *      ***          **       *
> **      ***        **      ***       ***      ***  
     -6        20    -.012815                       *                   *
> **       **         *       **        **      ***  
     -5        20    .0054039                                            
>                                                    
     -4        20    .0021077                                            
>                                                    
     -3        20    .0216924       **             **                    
>                                        *        *  
     -2        20   -.0011488                                            
>                                                    
     -1        20    .0072616                                            
>                                                    
      0        20    .0391824      ***   ***      ***         ***       *
> **       **        **       **       ***      ***  
      1        20    .0119824                      **                    
>  *                                    **           
      2        20    .0544767      ***   ***      ***         ***       *
> **       **       ***       **       ***      ***  
      3        20    .0133029                      **                   *
> **        *                  *        **        *  
      4        20    .0170729        *             **           *       *
> **        *                  *        **       **  
      5        20     .011688                                            
>                                                    
      6        20   -.0246954       **     *       **           *       *
> **       **        **       **       ***      ***  
      7        20   -.0048237                                            
>                                       **           
      8        20    .0037581                                            
>                                                    
      9        20    -.003823                                            
>                                                    
     10        20   -.0007833                                            
>                                                    

           t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ   
> Boehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   Wi
> lcox  
      [-2;0]        20    .0452953      ***     *                        
>                                *                        *              
>  ***  
     [-3;-1]        20    .0278052                                       
>                                                                        
>    *  
     [-4;-2]        20    .0226513                                       
>                                                                        
>       
     [-5;-3]        20    .0292039        *                              
>                                                                        
>    *  
     [-6;-4]        20   -.0053035                                       
>                                                                        
>       
     [-7;-5]        20    .0159039                       *               
>                                                                 **     
>       
     [-8;-6]        20    .0269021                     ***          **   
>      **                                                                
>       
     [-9;-7]        20    .0711688      ***   ***      ***         ***   
>     ***        *             ***            ***                 **     
>  ***  
    [-10;-8]        20     .064715      ***   ***      ***         ***   
>     ***       **               *              *       ***      ***     
>  ***  
    [-11;-9]        20    .0511811      ***    **      ***         ***   
>     ***      ***              **              *       ***      ***     
>  ***  
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  AAR_neg
Cumulative average abnormal returns:  Car_Diag_Neg_MinGR_top8Xtile
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  crossfile
Diagnostic of events that are excluded:  Diag_Neg_MinGR_top8Xtile
Logfile:  Diag_Neg_MinGR_top8Xtile

.  
. 
. use "List_high_op_expo_ew", clear

. 
. eventstudy3 ISIN Date using Returns_high_op_expo_ew, returns(Return_Una
> dj) /// 
> mod(FM) ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> evwlb(-20)  evwub(10) ///
> eswlb(-121) eswub(-21) ///
> logreturns ///
> car1LB(-1) car1UB(1) ///
> car2LB(0) car2UB(2) ///
> car3LB(1) car3UB(3) ///
> car4LB(2) car4UB(4) ///
> car5LB(3) car5UB(5) ///
> car6LB(4) car6UB(6) ///
> car7LB(5) car7UB(7) ///
> car8LB(6) car8UB(8) ///
> car9LB(7) car9UB(9) ///
> car10LB(8) car10UB(10) ///
> archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Post_MinGR_top8Xtile) ///
> carfile(Car_Diag_Post_MinGR_top8Xtile) ///
> aarfile(AAR_post) ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 20 events completed.
2 out of 20 events completed.
3 out of 20 events completed.
4 out of 20 events completed.
5 out of 20 events completed.
6 out of 20 events completed.
7 out of 20 events completed.
8 out of 20 events completed.
9 out of 20 events completed.
10 out of 20 events completed.
11 out of 20 events completed.
12 out of 20 events completed.
13 out of 20 events completed.
14 out of 20 events completed.
15 out of 20 events completed.
16 out of 20 events completed.
17 out of 20 events completed.
18 out of 20 events completed.
19 out of 20 events completed.
20 out of 20 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded


Number of events in the event file: 20
-- thereof: Number of events for which security identifiers and event dat
> es are available: 20
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 20
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 20

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market index/factor return data: 0

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market/index factor return data: 0
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 0


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20        20    .0074313                                            
>                                                    
    -19        20    .0115104                                            
>                                                    
    -18        20    -.033699      ***    **      ***          **        
> **                 **        *         *       **  
    -17        20   -.0047873                                            
>                                                    
    -16        20   -.0113091                                            
>                                                    
    -15        20   -.0004857                                            
>                                                    
    -14        20   -.0052082                                            
>                                                    
    -13        20    .0011605                                            
>                                                    
    -12        20   -.0022926                                            
>                                                    
    -11        20    .0028682                                            
>                                                    
    -10        20    .0168611        *             **                    
>  *                                    **        *  
     -9        20    .0314517      ***    **      ***          **        
> **                                              *  
     -8        20    .0164021        *              *                    
>                                                    
     -7        20     .023315       **     *      ***          **       *
> **      ***        **      ***       ***      ***  
     -6        20    -.012815                       *                   *
> **       **         *       **        **      ***  
     -5        20    .0054039                                            
>                                                    
     -4        20    .0021077                                            
>                                                    
     -3        20    .0216924       **             **                    
>                                        *        *  
     -2        20   -.0011488                                            
>                                                    
     -1        20    .0072616                                            
>                                                    
      0        20    .0391824      ***   ***      ***         ***       *
> **       **        **       **       ***      ***  
      1        20    .0119824                      **                    
>  *                                    **           
      2        20    .0544767      ***   ***      ***         ***       *
> **       **       ***       **       ***      ***  
      3        20    .0133029                      **                   *
> **        *                  *        **        *  
      4        20    .0170729        *             **           *       *
> **        *                  *        **       **  
      5        20     .011688                                            
>                                                    
      6        20   -.0246954       **     *       **           *       *
> **       **        **       **       ***      ***  
      7        20   -.0048237                                            
>                                       **           
      8        20    .0037581                                            
>                                                    
      9        20    -.003823                                            
>                                                    
     10        20   -.0007833                                            
>                                                    

         t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ   Bo
> ehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   Wilc
> ox  
    [-1;1]        20    .0584265      ***    **      ***         ***     
>   ***       **              **             **       ***      ***      *
> **  
     [0;2]        20    .1056415      ***   ***      ***         ***     
>   ***      ***             ***            ***       ***      ***      *
> **  
     [1;3]        20     .079762      ***   ***      ***         ***     
>   ***      ***             ***            ***       ***      ***      *
> **  
     [2;4]        20    .0848525      ***   ***      ***         ***     
>   ***      ***             ***            ***       ***      ***      *
> **  
     [3;5]        20    .0420638       **     *      ***         ***     
>   ***       **              **             **       ***      ***      *
> **  
     [4;6]        20    .0040655                                         
>                                                                *       
>     
     [5;7]        20   -.0178312                                         
>                                             *        **                
> **  
     [6;8]        20    -.025761                     ***           *     
>   ***       **                                        *       **       
> **  
     [7;9]        20   -.0048886                                         
>                                                                        
>     
    [8;10]        20   -.0008482                                         
>                                                       *                
>     
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  AAR_post
Cumulative average abnormal returns:  Car_Diag_Post_MinGR_top8Xtile
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  crossfile
Diagnostic of events that are excluded:  Diag_Post_MinGR_top8Xtile
Logfile:  Diag_Post_MinGR_top8Xtile

. 
. // Gather info for CAAR 
.  
. use "Car_Diag_Pre_MinGR_top8Xtile.dta", clear 

. 
. drop if _n==10
(1 observation deleted)

. mmerge t using "Car_Diag_Neg_MinGR_top8Xtile", type(1:1) missing(nomatc
> h) 

-------------------------------------------------------------------------
> ------
merge specs          |
       matching type | 1:1
  mv's on match vars | nomatch
  unmatched obs from | both
---------------------+---------------------------------------------------
> ------
  master        file | Car_Diag_Pre_MinGR_top8Xtile.dta
                 obs |      9
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
  using         file | Car_Diag_Neg_MinGR_top8Xtile.dta
                 obs |     10
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
         common vars | NoFirms CAARE NCAAREt_test PCAAREt_test NCAARECDA
                     | PCAARECDA NCAAREPatell PCAAREPatell NCAAREPatellAD
> J
                     | PCAAREPatellADJ NCAAREBoehmer PCAAREBoehmer NCAARE
> Kolari
                     | PCAAREKolari NCAARECorrado_Cowan PCAARECorrado_Cow
> an
                     | NCAAREZivney_Cowan PCAAREZivney_Cowan NCAAREGenSig
> n
                     | PCAAREGenSign NCAAREGRANKT PCAAREGRANKT NCAAREWilc
> ox
                     | PCAAREWilcox
---------------------+---------------------------------------------------
> ------
result          file | Car_Diag_Pre_MinGR_top8Xtile.dta
                 obs |     19
                vars |     27  (including _merge)
         ------------+---------------------------------------------------
> ------
              _merge |      9  obs only in master data                (co
> de==1)
                     |     10  obs only in using data                 (co
> de==2)
-------------------------------------------------------------------------
> ------

. mmerge t using "Car_Diag_Post_MinGR_top8Xtile", type(1:1) missing(nomat
> ch)

-------------------------------------------------------------------------
> ------
merge specs          |
       matching type | 1:1
  mv's on match vars | nomatch
  unmatched obs from | both
---------------------+---------------------------------------------------
> ------
  master        file | Car_Diag_Pre_MinGR_top8Xtile.dta
                 obs |     19
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
  using         file | Car_Diag_Post_MinGR_top8Xtile.dta
                 obs |     10
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
         common vars | NoFirms CAARE NCAAREt_test PCAAREt_test NCAARECDA
                     | PCAARECDA NCAAREPatell PCAAREPatell NCAAREPatellAD
> J
                     | PCAAREPatellADJ NCAAREBoehmer PCAAREBoehmer NCAARE
> Kolari
                     | PCAAREKolari NCAARECorrado_Cowan PCAARECorrado_Cow
> an
                     | NCAAREZivney_Cowan PCAAREZivney_Cowan NCAAREGenSig
> n
                     | PCAAREGenSign NCAAREGRANKT PCAAREGRANKT NCAAREWilc
> ox
                     | PCAAREWilcox
---------------------+---------------------------------------------------
> ------
result          file | Car_Diag_Pre_MinGR_top8Xtile.dta
                 obs |     29
                vars |     27  (including _merge)
         ------------+---------------------------------------------------
> ------
              _merge |     19  obs only in master data                (co
> de==1)
                     |     10  obs only in using data                 (co
> de==2)
-------------------------------------------------------------------------
> ------

. 
. gen tNum = ""
(29 missing values generated)

. replace tNum = usubstr(t, 1, ustrpos(t, ";") - 1)
variable tNum was str1 now str4
(29 real changes made)

. replace tNum = subinstr(tNum, "[", "",.) 
(29 real changes made)

. destring tNum, replace
tNum: all characters numeric; replaced as byte

. replace tNum = tNum+1
(29 real changes made)

. 
. order tNum, after(t)

. 
. replace CAARE = CAARE * 100
(29 real changes made)

. 
. // Corrado-Cowan CIs
. gen CILB = CAARE - 1.96*(abs(CAARE/NCAARECorrado_Cowan))

. gen CIUB = CAARE + 1.96*(abs(CAARE/NCAARECorrado_Cowan))

. 
. replace CILB = -10 if CILB<-10
(3 real changes made)

. replace CIUB = 20 if CIUB>20
(1 real change made)

. 
. sort tNum

. twoway line CAARE tNum, lcolor(red) lwidth(medthick) ///
> yscale(range(-10(5)20)) ylabel(-10(5)20) ///
> xlabel(-20(2)10) ///
> graphregion(color(white)) ///
> xtitle("Trading day to/from Monday 14/12/2015") ytitle("CAAR (in %)") /
> //
> legend(off) ///
> xline(-10, lcolor(black)) xline(0, lcolor(black)) ///
> yline(0, lcolor(black)) ///
> text(18 -15 "Pre-negotiation") ///
> text(18 -6 "Negotiation") ///
> text(18 5 "Post-negotiation") ///
> || rcap CILB CIUB tNum, lcolor(blue) 

. 
. graph export "${result}Fig6a.pdf", replace
(file /Users/myramohnen/Dropbox/EventStudy_Paris/JAERE/ConditionalAccept/
> RESULTS/Fig6a.pdf written in PDF format)

. 
. /*=====================================================================
> =========*/
. /* Figure 6b. Sautner data
> Firms with low climate related opportunity based on median */
. /*=====================================================================
> =========*/
. 
. use "List_low_op_expo_ew", clear

. 
. eventstudy3 ISIN Date using Returns_low_op_expo_ew, returns(Return_Unad
> j) /// 
> mod(FM) /// Fama French model 
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) /// factors
> riskfreerate(RFNum) /// risk free 
> evwlb(-20) /// event window lower bound
> evwub(10) /// event window upper bound 
> eswlb(-121) /// estimation window lower bound 
> eswub(-21) /// estimation window upper bound 
> logreturns /// log returns
> car1LB(-12) car1UB(-10) /// CAR window 1 bounds
> car2LB(-13) car2UB(-11) /// CAR window 2 bounds
> car3LB(-14) car3UB(-12) /// CAR window 3 bounds
> car4LB(-15) car4UB(-13) /// CAR window 4 bounds
> car5LB(-16) car5UB(-14) /// CAR window 5 bounds
> car6LB(-17) car6UB(-15) /// CAR window 6 bounds
> car7LB(-18) car7UB(-16) /// CAR window 7 bounds
> car8LB(-19) car8UB(-17) /// CAR window 8 bounds
> car9LB(-20) car9UB(-18) /// CAR window 9 bounds
> archoption(1) garchoption(1) /// ARCH option GARCH option
> diagnosticsfile(Diag_Pre_MinGR_top8Xtile) /// output diagnostic 
> carfile(Car_Diag_Pre_MinGR_top8Xtile) /// output cumulative average abn
> ormal return file
> aarfile(AAR) ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 20 events completed.
2 out of 20 events completed.
3 out of 20 events completed.
4 out of 20 events completed.
5 out of 20 events completed.
6 out of 20 events completed.
7 out of 20 events completed.
8 out of 20 events completed.
9 out of 20 events completed.
10 out of 20 events completed.
11 out of 20 events completed.
12 out of 20 events completed.
13 out of 20 events completed.
14 out of 20 events completed.
15 out of 20 events completed.
16 out of 20 events completed.
17 out of 20 events completed.
18 out of 20 events completed.
19 out of 20 events completed.
20 out of 20 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded

Warning: Some CAR window definitions (options carXLB and carXUB) have bee
> n changed because they were outside the event window.

Number of events in the event file: 20
-- thereof: Number of events for which security identifiers and event dat
> es are available: 20
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 20
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 20

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market index/factor return data: 0

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market/index factor return data: 0
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 0


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20        20   -.0013352                                            
>                                                    
    -19        20   -.0047718                                            
>                                                    
    -18        20   -.0269987      ***   ***      ***         ***       *
> **       **        **       **       ***      ***  
    -17        20    .0072578                                            
>                                                    
    -16        20    .0049013                                            
>                                                    
    -15        20    .0034416                                            
>  *                           *         *        *  
    -14        20   -.0063988                                            
>                                                    
    -13        20   -.0052057                                            
>                                                    
    -12        20    .0092992                       *                    
>  *                                                 
    -11        20    .0101074                                            
> **        *         *        *       ***       **  
    -10        20    -.002706                                            
>                                                    
     -9        20    .0088813                                            
>                              *         *       **  
     -8        20   -.0078682                                            
>                                                    
     -7        20   -.0090205                      **                    
>  *                                     *        *  
     -6        20   -.0120599                                            
>                                                    
     -5        20   -.0044701                                            
>                                                    
     -4        20   -.0102935                                            
>                                                    
     -3        20    .0033337                                            
>                                                    
     -2        20   -.0097446                                            
>  *                                                 
     -1        20   -.0041755                                            
>                                                    
      0        20   -.0017671                                            
>                                                    
      1        20    .0053194                                            
>                                                    
      2        20    .0062555                      **           *        
> **        *        **        *                     
      3        20    .0234696      ***    **                             
>                                                    
      4        20     .003712                       *                    
>                                                    
      5        20    .0010737                                            
>                                                    
      6        20   -.0119167                                            
>                                                    
      7        20   -.0010626                                            
>                                                    
      8        20   -.0074701                                            
>                                                    
      9        20    .0110004                      **          **       *
> **       **        **       **       ***       **  
     10        20   -.0050319                                            
>                                                    

            t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ  
>  Boehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   W
> ilcox  
    [-12;-10]        20    .0167006                     ***          **  
>       **        *                                                 *    
>        
    [-13;-11]        20    .0142009                      **              
>                                                                        
>        
    [-14;-12]        20   -.0023052                                      
>                                                                        
>        
    [-15;-13]        20   -.0081628                                      
>                                                                        
>        
    [-16;-14]        20    .0019441                       *              
>                                                                  **    
>        
    [-17;-15]        20    .0156007                     ***          **  
>        *                       **             **        **       **    
>     *  
    [-18;-16]        20   -.0148396                      **           *  
>                                                                        
>        
    [-19;-17]        20   -.0245127                      **              
>                                                                        
>     *  
    [-20;-18]        20   -.0331058       **    **       **           *  
>                                                          *        *    
>    **  
     [-20;10]        20    -.034244                                      
>                                                                        
>        
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  AAR
Cumulative average abnormal returns:  Car_Diag_Pre_MinGR_top8Xtile
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  crossfile
Diagnostic of events that are excluded:  Diag_Pre_MinGR_top8Xtile
Logfile:  Diag_Pre_MinGR_top8Xtile

. 
. use "List_low_op_expo_ew", clear

. 
. eventstudy3 ISIN Date using Returns_low_op_expo_ew, returns(Return_Unad
> j) /// 
> mod(FM) ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> evwlb(-20) evwub(10) ///
> eswlb(-121) eswub(-21) ///
> logreturns ///
> car1LB(-2) car1UB(0) ///
> car2LB(-3) car2UB(-1) ///
> car3LB(-4) car3UB(-2) ///
> car4LB(-5) car4UB(-3) ///
> car5LB(-6) car5UB(-4) ///
> car6LB(-7) car6UB(-5) ///
> car7LB(-8) car7UB(-6) ///
> car8LB(-9) car8UB(-7) ///
> car9LB(-10) car9UB(-8) ///
> car10LB(-11) car10UB(-9) ///
> archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Neg_MinGR_top8Xtile) ///
> carfile(Car_Diag_Neg_MinGR_top8Xtile) ///
> aarfile(AAR_neg) ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 20 events completed.
2 out of 20 events completed.
3 out of 20 events completed.
4 out of 20 events completed.
5 out of 20 events completed.
6 out of 20 events completed.
7 out of 20 events completed.
8 out of 20 events completed.
9 out of 20 events completed.
10 out of 20 events completed.
11 out of 20 events completed.
12 out of 20 events completed.
13 out of 20 events completed.
14 out of 20 events completed.
15 out of 20 events completed.
16 out of 20 events completed.
17 out of 20 events completed.
18 out of 20 events completed.
19 out of 20 events completed.
20 out of 20 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded


Number of events in the event file: 20
-- thereof: Number of events for which security identifiers and event dat
> es are available: 20
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 20
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 20

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market index/factor return data: 0

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market/index factor return data: 0
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 0


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20        20   -.0013352                                            
>                                                    
    -19        20   -.0047718                                            
>                                                    
    -18        20   -.0269987      ***   ***      ***         ***       *
> **       **        **       **       ***      ***  
    -17        20    .0072578                                            
>                                                    
    -16        20    .0049013                                            
>                                                    
    -15        20    .0034416                                            
>  *                           *         *        *  
    -14        20   -.0063988                                            
>                                                    
    -13        20   -.0052057                                            
>                                                    
    -12        20    .0092992                       *                    
>  *                                                 
    -11        20    .0101074                                            
> **        *         *        *       ***       **  
    -10        20    -.002706                                            
>                                                    
     -9        20    .0088813                                            
>                              *         *       **  
     -8        20   -.0078682                                            
>                                                    
     -7        20   -.0090205                      **                    
>  *                                     *        *  
     -6        20   -.0120599                                            
>                                                    
     -5        20   -.0044701                                            
>                                                    
     -4        20   -.0102935                                            
>                                                    
     -3        20    .0033337                                            
>                                                    
     -2        20   -.0097446                                            
>  *                                                 
     -1        20   -.0041755                                            
>                                                    
      0        20   -.0017671                                            
>                                                    
      1        20    .0053194                                            
>                                                    
      2        20    .0062555                      **           *        
> **        *        **        *                     
      3        20    .0234696      ***    **                             
>                                                    
      4        20     .003712                       *                    
>                                                    
      5        20    .0010737                                            
>                                                    
      6        20   -.0119167                                            
>                                                    
      7        20   -.0010626                                            
>                                                    
      8        20   -.0074701                                            
>                                                    
      9        20    .0110004                      **          **       *
> **       **        **       **       ***       **  
     10        20   -.0050319                                            
>                                                    

           t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ   
> Boehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   Wi
> lcox  
      [-2;0]        20   -.0156871                      **           *   
>       *                                                                
>       
     [-3;-1]        20   -.0105863                                       
>                                                                        
>       
     [-4;-2]        20   -.0167043                                       
>                                                                        
>       
     [-5;-3]        20   -.0114298                                       
>                                                                        
>       
     [-6;-4]        20   -.0268235        *              *               
>                                                                        
>       
     [-7;-5]        20   -.0255505                     ***          **   
>      **                                                                
>       
     [-8;-6]        20   -.0289486        *     *      ***         ***   
>       *                                                                
>    *  
     [-9;-7]        20   -.0080074                                       
>                                                                        
>       
    [-10;-8]        20   -.0016929                                       
>                                                                        
>       
    [-11;-9]        20    .0162827                      **           *   
>      **        *                              *                        
>   **  
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  AAR_neg
Cumulative average abnormal returns:  Car_Diag_Neg_MinGR_top8Xtile
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  crossfile
Diagnostic of events that are excluded:  Diag_Neg_MinGR_top8Xtile
Logfile:  Diag_Neg_MinGR_top8Xtile

. 
. 
. use "List_low_op_expo_ew", clear

. 
. eventstudy3 ISIN Date using Returns_low_op_expo_ew, returns(Return_Unad
> j) /// 
> mod(FM) ///
> marketfile(Market_US_MinGR_top8Xtile) mar(MktNum) idmarket(Market_ID) /
> // 
> factor1(SMBNum) factor2(HMLNum) riskfreerate(RFNum) ///
> evwlb(-20)  evwub(10) ///
> eswlb(-121) eswub(-21) ///
> logreturns ///
> car1LB(-1) car1UB(1) ///
> car2LB(0) car2UB(2) ///
> car3LB(1) car3UB(3) ///
> car4LB(2) car4UB(4) ///
> car5LB(3) car5UB(5) ///
> car6LB(4) car6UB(6) ///
> car7LB(5) car7UB(7) ///
> car8LB(6) car8UB(8) ///
> car9LB(7) car9UB(9) ///
> car10LB(8) car10UB(10) ///
> archoption(1) garchoption(1) /// 
> diagnosticsfile(Diag_Post_MinGR_top8Xtile) ///
> carfile(Car_Diag_Post_MinGR_top8Xtile) ///
> aarfile(AAR_post) ///
> replace 
Generating dateline ...
...succeeded
Preparation of event list ...
...succeeded
Preparation of security return data...
...succeeded
Preparation of market and/or factor return data...
...succeeded
Merging event dates and stock market data...
...succeeded
Calculating abnormal returns...
1 out of 20 events completed.
2 out of 20 events completed.
3 out of 20 events completed.
4 out of 20 events completed.
5 out of 20 events completed.
6 out of 20 events completed.
7 out of 20 events completed.
8 out of 20 events completed.
9 out of 20 events completed.
10 out of 20 events completed.
11 out of 20 events completed.
12 out of 20 events completed.
13 out of 20 events completed.
14 out of 20 events completed.
15 out of 20 events completed.
16 out of 20 events completed.
17 out of 20 events completed.
18 out of 20 events completed.
19 out of 20 events completed.
20 out of 20 events completed.
...succeeded
Assessing statistical significance of abnormal returns...
...succeeded
Diagnosing events that are excluded from the analysis...
...succeeded


Number of events in the event file: 20
-- thereof: Number of events for which security identifiers and event dat
> es are available: 20
-- thereof: Number of events for which event dates are in the range of da
> tes in the security file: 20
-- thereof: Number of events in the analysis (not deleted because of any 
> insufficient data in the estimation or event period): 20

List of security identifiers for which no security market data was availa
> ble: 

ANALYSIS OF ESTIMATION PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market index/factor return data: 0

ANALYSIS OF EVENT PERIOD

Number of events with insufficient security return data: 0
Number of events with insufficient market/index factor return data: 0
Events for which the IPO (deletion) date of the event firm is later (earl
> ier) than the first (last) day of the event window: 0


      t   NoFirms         AAR   t_test   CDA   Patell   PatellADJ   Boehm
> er   Kolari   Corrado   Zivney   GenSign   Wilcox  
    -20        20   -.0013352                                            
>                                                    
    -19        20   -.0047718                                            
>                                                    
    -18        20   -.0269987      ***   ***      ***         ***       *
> **       **        **       **       ***      ***  
    -17        20    .0072578                                            
>                                                    
    -16        20    .0049013                                            
>                                                    
    -15        20    .0034416                                            
>  *                           *         *        *  
    -14        20   -.0063988                                            
>                                                    
    -13        20   -.0052057                                            
>                                                    
    -12        20    .0092992                       *                    
>  *                                                 
    -11        20    .0101074                                            
> **        *         *        *       ***       **  
    -10        20    -.002706                                            
>                                                    
     -9        20    .0088813                                            
>                              *         *       **  
     -8        20   -.0078682                                            
>                                                    
     -7        20   -.0090205                      **                    
>  *                                     *        *  
     -6        20   -.0120599                                            
>                                                    
     -5        20   -.0044701                                            
>                                                    
     -4        20   -.0102935                                            
>                                                    
     -3        20    .0033337                                            
>                                                    
     -2        20   -.0097446                                            
>  *                                                 
     -1        20   -.0041755                                            
>                                                    
      0        20   -.0017671                                            
>                                                    
      1        20    .0053194                                            
>                                                    
      2        20    .0062555                      **           *        
> **        *        **        *                     
      3        20    .0234696      ***    **                             
>                                                    
      4        20     .003712                       *                    
>                                                    
      5        20    .0010737                                            
>                                                    
      6        20   -.0119167                                            
>                                                    
      7        20   -.0010626                                            
>                                                    
      8        20   -.0074701                                            
>                                                    
      9        20    .0110004                      **          **       *
> **       **        **       **       ***       **  
     10        20   -.0050319                                            
>                                                    

         t   NoFirms        CAAR   t_test   CDA   Patell   PatellADJ   Bo
> ehmer   Kolari   Corrado_Cowan   Zivney_Cowan   GenSign   GRANKT   Wilc
> ox  
    [-1;1]        20   -.0006232                                         
>                                                                        
>     
     [0;2]        20    .0098077                                         
>                                                                        
>     
     [1;3]        20    .0350445       **    **      ***         ***     
>    **        *                                       **       **       
>     
     [2;4]        20    .0334371       **    **      ***         ***     
>   ***       **              **             **        **      ***       
> **  
     [3;5]        20    .0282553        *     *      ***          **     
>                                                                        
>     
     [4;6]        20    -.007131                                         
>                                                                        
>     
     [5;7]        20   -.0119056                                         
>                                                                        
>     
     [6;8]        20   -.0204494                                         
>                                                                        
> **  
     [7;9]        20    .0024677                                         
>                                                                        
>     
    [8;10]        20   -.0015016                                         
>                                                                        
>     
The following result files are available in the working directory and are
>  loaded into memory by clicking.
Graph of cumulative average abnormal returns:  graphfile
Warning: The graphing routine always assumes zero abnormal returns where 
> they are missing. Thus, the graph output cannot be reconciled with the 
> tabulated results if there are missing returns and fill or arfillevent 
> options are not enabled. Although often found in publications, I recomm
> end against using CAAR graphs because they give the false impression th
> at CAARs resemble the returns of a held portfolio of event firms.
Average abnormal returns (daily basis):  AAR_post
Cumulative average abnormal returns:  Car_Diag_Post_MinGR_top8Xtile
Abnormal returns:  arfile
Cumulative abnormal returns for cross-sectional analyses:  crossfile
Diagnostic of events that are excluded:  Diag_Post_MinGR_top8Xtile
Logfile:  Diag_Post_MinGR_top8Xtile

. 
. // Gather info for CAAR 
.  
. use "Car_Diag_Pre_MinGR_top8Xtile.dta", clear 

. 
. drop if _n==10
(1 observation deleted)

. mmerge t using "Car_Diag_Neg_MinGR_top8Xtile", type(1:1) missing(nomatc
> h) 

-------------------------------------------------------------------------
> ------
merge specs          |
       matching type | 1:1
  mv's on match vars | nomatch
  unmatched obs from | both
---------------------+---------------------------------------------------
> ------
  master        file | Car_Diag_Pre_MinGR_top8Xtile.dta
                 obs |      9
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
  using         file | Car_Diag_Neg_MinGR_top8Xtile.dta
                 obs |     10
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
         common vars | NoFirms CAARE NCAAREt_test PCAAREt_test NCAARECDA
                     | PCAARECDA NCAAREPatell PCAAREPatell NCAAREPatellAD
> J
                     | PCAAREPatellADJ NCAAREBoehmer PCAAREBoehmer NCAARE
> Kolari
                     | PCAAREKolari NCAARECorrado_Cowan PCAARECorrado_Cow
> an
                     | NCAAREZivney_Cowan PCAAREZivney_Cowan NCAAREGenSig
> n
                     | PCAAREGenSign NCAAREGRANKT PCAAREGRANKT NCAAREWilc
> ox
                     | PCAAREWilcox
---------------------+---------------------------------------------------
> ------
result          file | Car_Diag_Pre_MinGR_top8Xtile.dta
                 obs |     19
                vars |     27  (including _merge)
         ------------+---------------------------------------------------
> ------
              _merge |      9  obs only in master data                (co
> de==1)
                     |     10  obs only in using data                 (co
> de==2)
-------------------------------------------------------------------------
> ------

. mmerge t using "Car_Diag_Post_MinGR_top8Xtile", type(1:1) missing(nomat
> ch)

-------------------------------------------------------------------------
> ------
merge specs          |
       matching type | 1:1
  mv's on match vars | nomatch
  unmatched obs from | both
---------------------+---------------------------------------------------
> ------
  master        file | Car_Diag_Pre_MinGR_top8Xtile.dta
                 obs |     19
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
  using         file | Car_Diag_Post_MinGR_top8Xtile.dta
                 obs |     10
                vars |     25
          match vars | t  (key)
  -------------------+---------------------------------------------------
> ------
         common vars | NoFirms CAARE NCAAREt_test PCAAREt_test NCAARECDA
                     | PCAARECDA NCAAREPatell PCAAREPatell NCAAREPatellAD
> J
                     | PCAAREPatellADJ NCAAREBoehmer PCAAREBoehmer NCAARE
> Kolari
                     | PCAAREKolari NCAARECorrado_Cowan PCAARECorrado_Cow
> an
                     | NCAAREZivney_Cowan PCAAREZivney_Cowan NCAAREGenSig
> n
                     | PCAAREGenSign NCAAREGRANKT PCAAREGRANKT NCAAREWilc
> ox
                     | PCAAREWilcox
---------------------+---------------------------------------------------
> ------
result          file | Car_Diag_Pre_MinGR_top8Xtile.dta
                 obs |     29
                vars |     27  (including _merge)
         ------------+---------------------------------------------------
> ------
              _merge |     19  obs only in master data                (co
> de==1)
                     |     10  obs only in using data                 (co
> de==2)
-------------------------------------------------------------------------
> ------

. 
. gen tNum = ""
(29 missing values generated)

. replace tNum = usubstr(t, 1, ustrpos(t, ";") - 1)
variable tNum was str1 now str4
(29 real changes made)

. replace tNum = subinstr(tNum, "[", "",.) 
(29 real changes made)

. destring tNum, replace
tNum: all characters numeric; replaced as byte

. replace tNum = tNum+1
(29 real changes made)

. 
. order tNum, after(t)

. 
. replace CAARE = CAARE * 100
(29 real changes made)

. 
. // Corrado-Cowan CIs
. gen CILB = CAARE - 1.96*(abs(CAARE/NCAARECorrado_Cowan))

. gen CIUB = CAARE + 1.96*(abs(CAARE/NCAARECorrado_Cowan))

. 
. replace CILB = -10 if CILB<-10
(5 real changes made)

. replace CIUB = 20 if CIUB>20
(2 real changes made)

. 
. sort tNum

. twoway line CAARE tNum, lcolor(red) lwidth(medthick) ///
> yscale(range(-10(5)20)) ylabel(-10(5)20) ///
> xlabel(-20(2)10) ///
> graphregion(color(white)) ///
> xtitle("Trading day to/from Monday 14/12/2015") ytitle("CAAR (in %)") /
> //
> legend(off) ///
> xline(-10, lcolor(black)) xline(0, lcolor(black)) ///
> yline(0, lcolor(black)) ///
> text(18 -15 "Pre-negotiation") ///
> text(18 -6 "Negotiation") ///
> text(18 5 "Post-negotiation") ///
> || rcap CILB CIUB tNum, lcolor(blue) 

. 
. graph export "${result}Fig6b.pdf", replace
(file /Users/myramohnen/Dropbox/EventStudy_Paris/JAERE/ConditionalAccept/
> RESULTS/Fig6b.pdf written in PDF format)

. 
. 
. log close
      name:  <unnamed>
       log:  /Users/myramohnen/Dropbox/EventStudy_Paris/JAERE/Conditional
> Accept/RESULTS/3_results.log
  log type:  text
 closed on:  28 Jul 2023, 13:37:04
-------------------------------------------------------------------------
